LRC and UNI are preparing for a big move, but CRV is not
Consider three exchange tokens, including Loopring (LRC), that may be in the early stages of a major upward move.
LRC has been bearish since February 12, along with a descending resistance level when it hit an all-time high of $ 0.89.
The breakout on August 22nd suggests the correction is over.
However, LRC was unable to rise above the $ 0.575 horizontal resistance area, which was confirmed by the subsequent rejection.
The price has since fallen, but the token appears to have found support above the previous descending resistance line.
A short-term upward trend began on October 12th.
The increase was supported by optimism on technical indicators.
The MACD is rising and has just crossed the zero line, which means that the short term trend is faster than the long term trend. This is a positive sign on the way up.
The RSI was also just above 50. Last time the price broke above the descending resistance line mentioned above.
A break above the USD 0.575 resistance should accelerate the uptrend.
LRC / USDT daily chart | Source: Tradingview
- LRC has broken out above the long-term descending resistance line.
- There is resistance at $ 0.575.
UNI has been moving along a descending resistance line since September 1st. It fell to $ 17.73 on September 26th. However, the token reversed the trend and has since increased.
On October 1, it broke out above a descending line of resistance. The UNI movement is almost identical to the LRC movement, with the difference that it takes place in a lower time frame.
Despite the breakout, UNI was unable to move above the $ 27.20 zone, which acts as a horizontal resistance. Most recently, she rejected the token on October 16.
However, retesting the resistance level several times will make it weaker. Since UNI has already made two breakout attempts, the next one should be successful.
UNI / USDT 6-hour chart | Source: Tradingview
- UNI has broken out of the short term declining resistance line.
- There is resistance at 27.2
CRV has been moving up since May 23rd. However, the upward trend was narrowed down in an ascending parallel channel. This usually means that an upward move is a correction and a break below the channel is more likely.
So far, the token has been rejected by the channel’s resistance line three times. The last two times also coincided with the rejection of the USD 3.04 resistance area, which equates to the 0.618 fib retracement resistance. Hence, CRV trades just below the confluence of the resistance levels.
MACD and RSI both offer relatively neutral outlooks that do not confirm the direction of the trend.
As a result, as long as the CRV is trading below $ 3.04, the trend can be viewed as a bearish one.
Daily CRV / USDT Chart | Source: Tradingview
- CRV is traded on an ascending parallel channel.
- There is resistance at $ 3.04
You can see the coin prices here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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