Loopring price has been sliding lower after it slipped back below important support.

LRC trading volume abates as a clear pattern emerges for 2023.

Traders could book a 40% gain on the back of this pattern and see LRC hitting $0.50 soon.

Loopring (LRC) price is not making big waves for the month of March in comparison to its stellar performance in February with a peak near $0.50. Since then price action has been trading lower, and trading volume has been decreasing. The volume chart shows an important element that traders can use to pinpoint the next rally.

Loopring price on the rebound to $0.50

Loopring price is trading higher in 2023 on the back of a clear investor inflow that is jacking up the traded volume intraday. What follows after that is often another few candles that see follow-through in the coming candles. This means that traders who keep an eye on the volume chart can pinpoint when the next rally is underway and can await confirmation before trading the pure technical levels.

LRC has seen its volume in the past few days abating quite quickly, which means that a breakout will soon occur. Watch for any green spikes that match the spikes from March 13 or 14 or those that break  higher. Once those become visible, expect a leg higher that could reach $0.50 by the end of April.

The drop-off in volume could point as well to a bigger underlying issue. Watch out for red volume spikes that point to big selling volume arriving. That could point to short-term nosedive moves that will end around $0.3125 as seen throughout 2023.

#LRC #koinmilyoner #Altcoin #Binance #GPT-4

The Loopring (LRC) price has successfully flipped the previous resistance level into support. The price is expected to continue to rise. LRC is the token of the decentralized exchange Loopring DEX, built on the Ethereum ERC-20 standard.

Potential breakout

The Loopring (LRC) price has been trading inside a descending wedge since May 2022. This is a bullish pattern that often leads to a breakout in most cases.

Indeed, after bouncing up from the wedge’s support line at the beginning of January 2023, LRC price broke out of the pattern at the end of January. This move helped the price approach the horizontal resistance at $0.5.

Although rejected, the price has successfully flipped the wedge’s resistance line into support during the week of March 6-13. This indicates that LRC may have formed a bottom.

The wedge pattern has a target of $0.59, calculated by connecting the pattern’s height to the breakout point. As it has been formed for nearly 9 months, the price movement after the breakout can be very strong.

Another bullish signal is that the price has also flipped the 20-week MA line into support. Therefore, the price is expected to rise to $0.5 and higher towards the pattern’s target of $0.59.

The weekly RSI indicator supports this possibility by creating a higher low and being above 50.

LRC/USDT weekly chart. Source: TradingView

Bullish pattern

After bouncing up from the support level of $0.26 on March 10, LRC price broke out of the resistance level at $0.33 and confirmed it as support on March 28.

During this process, LRC price also formed a bull flag pattern. This is a bullish pattern that often leads to the continuation of the uptrend.

The price is currently in the process of breaking out of the pattern. If successful, it could rise to the next resistance level at $0.5.

The RSI indicator supports the breakout possibility when maintained above 50 and is sloping up.

LRC/USDT daily chart. Source: TradingView

Conclusion

Both long-term and short-term signals support the possibility of LRC continuing to rise. The nearest target is found at $0.5 and higher to $0.59.

This view will be invalidated if the price breaks down below $0.33.

#bitcoin #BTC #crypto2023 #LRC #azcoinnews

This article was republished from azcoinnews.com