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Cryptoknowmics 2022-07-05 12:42:52

LRC Technical Analysis: Declining Breakout Rally Plans A Reversal

LRC price shows a channel breakout rally struggling to surpass the new resistance trendline. Will buyers exceed this trendline with a fresh reversal? Key technical points: The LRC market price has jumped by 10% in the last 24 hours. The reversal rally the breakout of the resistance trendline The 24-hour trading volume of Loopring is $98 Million, indicating a rise of 154%. Past Performance of LRC The Bullish breakout rally of the bearish expanding channel struggles to push the LRC prices about the 50-day SMA. The declining prices led to a new resistance trendline accounting for a 40% drop in market value over the last month. However, the bullish reversal from $0.36 breaches the resistance trendline and challenges the 50-Day SMA. Source- Tradingview LRC Technical Analysis LRC price action shows a rise in trading volume, supporting the bullish reversal and helping form a double bottom pattern at $0.34. However, the higher price rejection in the daily candle from the neckline at $0.44 warns of a bearish retracement. After sabotaging the previous bearish crossover, the MACD indicator shows a bullish alignment in the fast and slow lines. Moreover, the resurging MACD histograms display an increase in buying pressure. The RSI indicator showcases a bullish reversal in the nearly oversold zone resulting in a jump over the 14-day average line to reach the halfway line. Hence the indicator showcases a remarkable growth in the underlying b...

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