Analysis of Loopring (LRC) over the last two weeks has largely struck a bearish tone. Most analysts were targeting a $1.3 price in the downtrend and true to that, LRC tanked to those levels. But there was some breakout that took the coin out of the $1.3 bedrock, and LRC even tested its overhead resistance at $1.6. But so far, Loopring (LRC) has stalled. Should you buy it? First some highlights:
Despite breaking past its $1.6 resistance, Loopring (LRC) has struggled to sustain gains above that threshold, suggesting weakness.
At the time of writing, the coin was trading at around $1.59, virtually unchanged in 24-hour intraday trading.
Analysts warn that if gains above $1.6 are not sustained further, the LRC could easily tumble back to $1.3.
Data Source: Tradingview.com
Loopring (LRC) – Price prediction and analysis
As noted above, commentary around Loopring (LRC) over the last two weeks was bearish. Technical indicators around the coin were pointing towards sustained price pressure, and eventually, LRC tanked to around $1.3.
But there were some signs that perhaps a rebound was on the cards after the coin managed to retest overhead resistance at $1.6. But despite this, so far it has not managed to hold above that threshold.
If this trend continues, LRC is staring at a collapse that will take it back to $1.3. But if bulls push gains above $1.6 and keep them there, a surge towards $1.9 and eventually $2.2 is still likely.
Why you should buy Loopring (LRC)
Despite the recent price pressure, Loopring (LRC) still has the potential to deliver immense value for investors. The token is actually getting listed in many exchanges, and its innovative use of third-party scalability solutions has made the network more efficient and faster.
We still expect the price of LRC to rebound in the long term. For that reason, it is definitely a good buy for any crypto investor.