Loopring LRC cryptocurrency symbol, logo. Business and financial concept. Hand with smartphone, screen with crypto icon closeup
During the early hours of today’s trading session, Loopring’s price surged by 9 per cent, hitting a price high of $0.43 during the session. However, as the trading session continued, the prices started to come down, dropping by almost 4 per cent.
At press time, Loopring is trading at 4 per cent above its opening price. Although the session does look like it will recover and continue its strong bullish push to the upside that it started with in the early hours.
On July 20th, Loopring set a monthly price high of $0.477. Immediately, the prices plummeted and dropped by 23 per cent in the following trading sessions. Since then, Loopring has failed to recover in the markets.
Part of the reason is due to the current global cryptocurrency global market, which for the past few weeks has been choppy. Loopring, which is positively correlated with the industry trend, has also seen its prices struggle. In fact, during most trading sessions, Loopring has traded in the same direction as the cryptocurrency industry.
Therefore, looking at the daily chart below, it is clear why the price has continued to struggle in its current sideways market. My expectation for the cryptocurrency for the next few trading session is also for the sideways market to continue. There is a high likelihood that, as long as the industry as a whole continues to struggle in the markets, Algorand prices will continue in the current sideways market.
Therefore, I expect the price to continue trading within the support and resistance levels of $0.32 and $0.47, respectively. However, my long-term analysis is to the upside. Hence, if the price hits the $0.477 resistance level again, a new bullish trend will start, and the sideways market will end. In that case, I expect the price to rise and possibly trade above the $0.5 price level.
This post was last modified on Aug 04, 2022, 17:18 BST 17:18