Disclaimer: The findings of the following analysis are the only opinions of the writer and should not be considered investment advice
Loopring was at number 76 on CoinMarketCap at the time of writing with a market cap of $1.3 billion. Like many altcoins, Loopring was under heavy selling pressure in late November and throughout December as it plummeted from $3.85 highs. At the time of going to press, the crypto knocked at the $1 resistance level after falling back from $1.2 a few weeks prior to the time of writing. It looked like LRC would soon break past the $1 level and record further gains.
Source: LRC/USDT on TradingView
A series of Fibonacci retracement lines were drawn based on LRC’s move from $0.64 to $1.2 a few weeks ago. These retracement levels showed that the $1.2 pullback had briefly dived below the 61.8% level. Demand was visible shortly afterwards and LRC has again posted strong gains in recent days.
The short term market structure was bullish and the price leaned strongly bullish on the lower time frames. The deep drop from $1.2 to below $0.86 opened some key areas for LRC in the lower time frames.
The $0.92 and $1-$1.05 levels had acted as levels of strong support and resistance for the price on its way down.
The visible range of the volume profile also agreed – it marked the $0.86 and $1 areas as places where significant trading volume has occurred over the past two weeks. So they mark them as areas where supply and demand can be found. The VPVR also showed the Point of Control (POC) at $0.96, which could be retested as support before another upward move in the coming hours.
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Source: LRC/USDT on TradingView
On the hourly chart, the RSI was well into overbought territory, while the Stochastic RSI made a bearish crossover into overbought territory and moved lower. The $0.96 POC and the $0.92 support level can be tested before moving higher in the next few hours.
The OBV also climbed after the $1.2 pullback, showing that there was demand behind the $0.85 gain.
Conclusion
Bitcoin had passed the $40.6k level. In the coming days, it could move even higher with $44.4k and $48k as levels to watch out for. Such a move for BTC in the coming days will pull the altcoin market up. And LRC will also be positively impacted.
This post LRC is up 20% in the last 24 hours and may soon exceed this level
was published first on https://ambcrypto.com/lrc-gains-20-in-the-past-24-hours-and-might-climb-past-this-level-soon/
