Advertisement
Loopring Breakout Analysis – Parabolic Breakout on LRC by Trading in Active Uptrend with +102% Gains in a Week
Loopring LRC has already gone up over +102% this month, and the trading analysis suggests that there might be another wave incoming. Let’s take a look at LRC and what the charts are telling us about price analysis, and possible reasons for the recent breakout.
What is Loopring?
LRC is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralized crypto exchanges. Loopring’s purported goal is to combine centralized order matching with decentralized on-blockchain order settlement into a hybridized product that will take the best aspects of both centralized and decentralized exchanges.
LRC Quick Stats
| Symbol: | LRC |
| Global rank: | 58 |
| Market cap: | $502,305,434 AUD |
| Current price: | $0.4199 AUD |
| All time high price: | $3.36 AUD |
| 1 day: | +77.41% |
| 7 day: | +102.75% |
| 1 year: | +1320.01% |
LRC Price Analysis
At the time of writing, LRC is ranked 58th cryptocurrency globally and the current price is $0.4199 AUD. This is a +102.75% increase since 29th December 2020 (7 days ago) as shown in the chart below.
After looking at the above 1-day candle chart, we can clearly see that LRC was trading inside the falling wedge pattern on the LRC/USDT pair. The first resistance was on the $0.2557 AUD price levels which LRC broke with a strong bullish trend buying volume and is now heading towards the next monthly high prices. Seeing that many altcoins are waking up bullish this week, LRC is likely to continue to increase in the uptrend.
“The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge.”
What do the Technical indicators say?
The Loopring LRC TradingView indicators (on the 1 day) mainly indicate LRC as a buy, except the Oscillators which indicate LRC as a sell.
So Why did LRC Breakout?
The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason could be the whales, secretly stacking up LRC to their portfolio for this Altcoin rally. It could also be contributed to some of the recent news of Loopring L2 Success.
Recent Loopring News & Events:
- 03 November 2020 – Mobile Wallet Shots
- 30 November 2020 – Loopring Mobile App
- 30 December 2020 – Loopring Protocol 3.6
Where to Buy or Trade LRC?
Loopring has the highest liquidity on Binance Exchange so that would help for trading LRC/USDT or LRC/BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
Author
Malik Junaid
Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.
