Loopring (LRC) Trades Bullishly & Breaches 2-Year Resistance

Loopring is open-sourced protocol to give a high-level throughput. It powers highly scalable DEXs by batch-processing thousands of off-chain requests with completely correct executions through ZKPs. The native token of the decentralized exchange is one of the lucrative DeFi supporting cryptos amongst the top 100.

The LRC/USD, after having traded laterally, recently breached a 2-year high at $0.254 just towards the end of the previous month. However, with gradual volatility, the token is now trading at $0.212.

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Loopring (LRC) Price News
LRC/USD Chart By TradingView

At the time of penning down this Loopring price analysis, the token was trading at $0.212 after a gradual pullback from the 2-year high. Moreover, over the past four months, since May 2020, LRC/USD is seen amplifying against the US Dollar and is breaching the upper band. And, in this regard, over the past four months, the LRC token retains strong support from the SMA200 along with SMA50 at $0.053 & $0.118.

Alongside, we project moderate volatility in the near-term as the Bollinger Bands widen on the 2-day chart, and the price trend rightly breaches the upper band. With no steep pullback of the candles on the daily chart, the MACD holds a bullish crossover. The RSI of the Loopring is inclined towards the overbought region due to bullish sentiment and is lying at 70.99.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.
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