Loopring (LRC) could rally to $1.2 in the near term – Here is the setup
After reporting a sharp fall over the last three days, it seems like Loopring (LRC) has started to consolidate. The coin could find enough demand for another rally in the coming days. But how fast will this happen? More analysis to follow but here are the latest developments:
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Despite the recent fall, LRC is still within an important upward trend line
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The coin also shows a bullish signal on the Relative Strength Index (RSI)
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LRC could surge towards $1.2 before it tries to consolidate once again.
Data Source: Tradingview
Loopring (LRC) – Analysis and price prediction
The last 3 days have proved quite difficult for LRC holders. The coin has seen a major drop and was in fact down by around 7% in the last 24 hours. But this doesn’t mean the token is in a bear market.
We are in fact seeing a period of price consolidation within a very important upper trend line. As such, we expect LRC to report more gains in the days ahead. Conservative estimates show that the coin could hit $1.2 before it finds further momentum. This will still represent a gain of around 20% from the current price.
Also, the RSI reading shows LRC is now in oversold territory. This could suggest that any risk of another major sell-off is highly unlikely. This analysis will however be null and void if LRC falls below $0.735.
Why should you buy LRC now?
Loopring is a scaling solution for Ethereum that has a lot of star-studded investors. It’s a project that has great long-term value. There is also an opportunity to make a return on a short-term trade.
Since the coin is roughly trading at around $1 right now, there is a likely 20% upswing in the days ahead if the surge towards $1.2 happens. The perfect entry zone for this short-term play will be between $0.74 and $1.
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