• Loopring price prediction shows that LRC/USD is likely to climb above the upper boundary to continue the upward trend.
• Current trading begins with a tremendous uptrend in the market as the coin hovers above the 9-day and 21-day moving averages.
• Bulls may now push the coin above the upper boundary of the channel to touch the nearest resistance level at $0.35.
The Loopring price prediction indicates that the cryptocurrency is now trading at around $0.318 with a market cap of $421.2 million. Analysts believe that the current price movement is an indication of the upcoming price rally in the market.
Loopring is a decentralized exchange protocol that enables users to trade cryptocurrencies and digital assets in a secure and trustless manner. It also supports cross-chain transfers, which allows users to trade across multiple blockchain networks. The protocol is designed to increase liquidity and provide users with more options for trading.
Loopring’s price prediction shows that LRC/USD is likely to climb above the upper boundary to continue the upward trend. Currently, the coin is hovering above the 9-day and 21-day moving averages, which is a positive sign for the bulls. If the bulls continue to push the coin above the upper boundary of the channel, it can reach the nearest resistance level at $0.35.
Furthermore, the technical indicator Relative Strength Index (14) has crossed into the overbought region, which suggests that LRC/USD may continue to move in a bullish pattern. If the bulls can maintain the current momentum, then the coin may even reach its all-time high of $0.42 in the coming days.
On the other hand, if the bears take control of the market, the coin may drop below the lower boundary of the channel and reach the nearest support levels at $0.24, $0.22, and $0.20. Therefore, it is important for traders to closely monitor the market and make informed trading decisions.