Analysis

Loopring (LRC) Down 77% vs. ATH, Any Signs of a Rally?

Loopring (LRC) has fallen significantly from its all-time high. However, the price has recovered from the previous all-time high and could start a short-term rally.

Sharp fall from ATH

LRC has been falling since November 10th when it hit an all-time high of $3.85. So far, the price is down 77.51%.

Despite the significant drop, the token bounced off the $0.80 region. This is an important level as it previously acted as resistance at the all-time high and is now expected to act as support.

Therefore, as long as the LRC does not break below, there remains significant upside potential.

 Source: TradingView

Will a bounce follow?

Technical indicators are currently showing oversold conditions. This is particularly evident in the daily RSI, which fell to a new all-time low of 19 on Jan. 22. Readings below 30 are considered oversold, indicating a possible trend reversal.

The RSI has since risen and currently stands at 28.

If the rally continues, the next resistance lies at $187. This is the 0.382 Fib retracement level and horizontal resistance area.

 Source: TradingView

LRC/BTC

The LRC/BTC pair shows interesting similarities to its USD pair.

First, the pair is down 62% from its all-time high.

Second, the decline serves to confirm the 2400 Satoshis zone as support. Although this zone did not behave like the previous all-time high, it acted as resistance over the 1190-day period. Therefore, it will now act as a support.

If a bounce occurs, the next resistance is at 3700 satoshis. This is the 0.382 Fib retracement resistance

.

 Source: TradingView

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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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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