• Loopring’s LRC had a strong start to its trading year, as the cryptocurrency was up by 8.08% for the week as of writing.
• Technical indicators such as the Exponential Moving Average (EMA) and Relative Strength Index (RSI) show that the short-term bias of LRC is bullish.
• Investors should consider investing in Loopring, as the cryptocurrency is currently trading above $0.20.
The cryptocurrency market has been volatile for the past year, with some coins experiencing drastic price jumps, while others have been on a downward trend. One such coin that has seen some positive price movements is Loopring (LRC). After experiencing a major price spike in November, the crypto asset has been trending downward with the rest of the crypto market, but that trend may be changing. As of writing, LRC is up by 8.08% for the week and is now trading above $0.20, which could indicate that it’s time for investors to pay attention to Loopring again and consider investing in the cryptocurrency.
To get a better understanding of the current market sentiment around LRC, we can take a look at the technical indicators. The Exponential Moving Average (EMA) shows that the cryptocurrency is still in a medium to long-term bearish trend, as prices are trading below the 50-day and 100-day EMAs. However, the short-term bias could be bullish as the LRC price is currently trading above its 20-day EMA. The Relative Strength Index (RSI) is also showing positive signs for the cryptocurrency, as it has bounced back from the oversold territory back on January 1 and is now at 46.46. If the RSI is able to break the RSI 50 level, then this could be a good indication that the market sentiment is shifting in favor of LRC.
Overall, the technical indicators are suggesting that now could be a good time for investors to consider investing in Loopring. The cryptocurrency is trading above $0.20 and has gained support from the technical indicators, which could indicate that the market sentiment is shifting in favor of LRC. However, as with any investment, investors should do their own research before investing in any cryptocurrency.