- Loopring price has continued its bullish rally in the past few weeks.
- This comeback is in line with the broad crypto comeback.
Loopring price joined the rest of the crypto market rally as demand for the token jumped. LRC, its native token, rose to a high of $0.4858, the highest point since August 2022. It has jumped by more than 156% from its lowest level this year as volume in its marketplace has risen.
Loopring has not made any headlines in the past few weeks. Therefore, we can conclude that the current rally is because of its close correlation with other cryptocurrencies. Indeed, Bitcoin has jumped by over 60% from its 2022 low and is nearing the key resistance point at $25,000. Similarly, the total market cap of all cryptocurrencies has jumped to over $1.2 trillion. Therefore, conducting a technical analysis can help us predict what to expect next.
Loopring price prediction
Turning to the daily chart, we see that the LRC crypto price has made a strong comeback in the past few days. As it rose, the coin managed to move above the 50-day moving average, which is a bullish signal. At the same time, the coin has moved to the 23.6% Fibonacci Retracement leve. This is another bullish sign.
Read more: How to buy Loopring.
Loopring has moved above the Ichimoku cloud. Therefore, by moving above the key resistance at $0.456, it means that the coin has more upside in the near term. As a result, the coin could surge to the important resistance at $0.7790, which is the 50% Fibonacci Retracement level. This price is about 70% above the current level.
The bullish view will be confirmed if the coin manages to move above the key level at $0.6337, which is the 38.2% retracement point. A move below the support at $0.3390 will invalidate the bullish view.
LRC price forecast (4H chart)
The chart shows that the Loopring price managed to move above the important resistance level at $0.4470 (Feb 2 high). It also jumped above $0.4550, the highest level on Feb 11. By so doing, it managed to invalidate the triple-top pattern that was forming. Its neckline was at $0.3196.
Therefore, by flipping the resistance at $0.45 into a support, it means that it has some more upside to go. If this happens, the next key level to watch will be at $0.50, which is about 10% above the current level. A drop below the support at $0.446 will signal that there are some sellers still left.
