The Loopring price is above $1 after dropping over 80 percent from the 2021 peaks. The LRC price has broken above a key resistance trend line in a bullish breakout pattern above the bull flag, signaling strength and possible continuation.
LRC is bottoming up as per the development in the daily and weekly charts. The main support level lies at $0.63. The bull bar of March 19 seems to be directing the medium-term trend direction of LRC, guiding traders.
In this Loopring price prediction, we paint a bullish picture with a technical background that the LRC price’s prospects seem positive and may rebound strongly in the second quarter of 2022.
Loopring (LRC) Trend Analysis
The crypto bear market from Q4 2021 leaned heavily on Loopring and LRC. The LRC token fell 80 percent, finding support at $0.63 multi-week support zone—flashing with August 2021 highs.
With the demand for cheap and scalable DeFi solutions, Loopring may be the preferred choice for traders who still want to access Ethereum’s deep ecosystem.
The Loopring price is recovering following the impressive gains of March 19. Based on this background and the confirmation of buyers on March 23, it is highly likely that LRC may glide higher, ending Q1 2022 firmly above the 20-day moving average.
This Loopring (LRC) price prediction 2022 article will look at price action on the daily and weekly LRCUSDT charts. We will also use the RSI and MACD technical indicators to try and explain what’s going on from a technical candlestick arrangement perspective as we give our opinion on LRC forecast in the medium to long term.
Loopring (LRC) Price Prediction on the Daily Chart
After LRC finally found the support around 0.76, it traded in a narrow range, forming a rectangle pattern on the daily chart. With the recent price advance, LRC could break out of the pattern. In that case, the target for pattern traders would be near $1.79, which equals the rectangle’s height. If that happens, the price will test the major resistance at $1.9. LRC first needs to break above this level to advance toward a new ATH.
The RSI reading is at 66 and shy of the overbought territory. This suggests that buyers have more headroom, and LRC prices may increase on rising buying pressure.
The MACD line is above zero–bullish for LRC. Also, the MACD line has crossed above the signal line—a positive for LRC.
Loopring (LRC) Price Prediction on the Weekly Chart
After a very strong pump in late 2021, LRC started a long decline—falling by over 80 percent– and finally found strong support around $0.76—a previous resistance level marking August 2021 highs. After a few weeks of consolidation around this level, the LRC price finally bounced off, printing a solid green candlestick in the weekly chart. That was a buy signal for many traders, explaining why LRC prices are increasing in the last week of March 2022. Traders are bullish, and LRC prices could glide higher at the back of these positive developments.
Thus far, the situation in the whole crypto market is looking positive—a net positive for LRC—and refreshingly after deep corrections. As a result, many traders expect Loopring to slowly advance towards the next critical resistance at around $1.9.
The RSI reading is at 50 with a positive gradient. This indicates a possible early-stage accumulation in what could easily be the base for a surge in buying momentum, propelling LRC higher.
The MACD line is below the signal line, but it is beginning to point up. With shifting momentum to favor buyers, a cross-over could be in the cards as MACD aligns with the general state of the LRCUSDT market.
Loopring (LRC) Key Levels
Based on the daily and weekly charts, LRC has critical support levels at $0.76. This reaction line marks 2022 lows and is where LRC prices rebounded off, surging to spot rates. The line also marks August 2021 highs, signaling how important the level is in the LRC price action.
On the upper hand, LRC has resistance at $1.23, $1.53, $1.91, and $2.5. A close above the $1.23 mark—coinciding with February 2022 highs—may easily trigger the next wave of buying pressure, lifting LRC to other critical levels at $1.53 through to $2.5.
The base is set, and LRC could quickly spring higher with rising trading volumes considering the recent candlestick arrangement and formation. If LRC bulls sustain prices above $1 as they break out from the bull flag, the odds of LRC soaring to retest $1.53 in the medium term is highly likely.
In a mark of adoption and the spark behind the recovery in late March, GameStop announced it is taking the first steps in welcoming users. They will be building their NFT marketplace on Layer-2 Loopring. This is bullish for LRC tokens and marks the first steps in ensuring users receive the strongest digital property rights on a decentralized, neutral, and secure environment similar to Ethereum offered by Loopring.
Loopring is finding strong support from the global community as per the number of active wallets. The number of Loopring users is up 10X in the recent past, pointing to increased confidence in the reliable Loopring infrastructure.
This is what adoption looks like🔥
— byron.loopring ( B.👾 )💙🏴☠️ (@macro_diary) March 21, 2022
Will LRC go up?
Loopring is among the first Layer-2 scaling solutions on Ethereum and is known for its reliability. Before the crypto correction to spot levels, LRC was the top-performing DeFi token. Thanks to their recent partnership with GameStop, it is highly likely that LRC is leaving its bad days behind and will continue rallying towards $1.5 or better in the months ahead.
Is Loopring (LRC) Going to Crash?
LRC’s recent losses could be attributed to the contracting crypto market. Loopring prices plunged over 80 percent to find support at $0.76 as per the development in the daily chart. For LRC to technically crash, Loopring as a layer-2 scaling solution must first fail—which is hard—for sellers to lose trust in the project, forcing the token below a multi-week support level.
Will Loopring (LRC) Prices Reach $3.5?
After weeks of momentum sapping lower lows, LRC prices appear to be bottoming up, closing Q1 2022 strongly. Provided LRC trades above $0.76—at around the 78.6 percent Fibonacci retracement level of the H2 2021 trade range, buyers stand a chance. Based on recent formation, all it takes for buyers to add to their longs and build on gains registered in late March as the foundation for a refreshing leg up to 2021 peaks at $3.5.
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