Analyse of Loop (LRC) over the past two weeks has largely taken on a bearish tone. Most analysts were targeting a price of $1.3 in the downtrend and true to that, LRC fell to these levels. But there was a 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 I buy it? First some highlights:
Despite breaking above its $1.6 resistance, Loopring (LRC) struggled to sustain gains above this threshold, suggesting weakness.
At the time of writing, the coin was trading at around $1.59, virtually unchanged in 24-hour intraday trading.
Analysts are warning that if the gains above $1.6 do not sustain further, the LRC could easily fall back to $1.3.
Data Source: Tradingview.com
Loopring (LRC) – Price Prediction and Analysis
As noted above, comments around Loopring (LRC) over the past two weeks have been bearish. Technical indicators around the coin indicated sustained price pressure, and eventually LRC dropped to around $1.3.
But there were signs that a rebound might be on the cards after the coin managed to retest overhead resistance at $1.6. But despite this, so far it has failed to stay above this threshold.
If this trend continues, LRC is eyeing a slump that will take it back to $1.3. But if the bulls push the gains above $1.6 and hold them there, a push towards $1.9 and possibly $2.2 is still likely.
Why should you buy Loopring (LRC)
Despite recent price pressure, Loopring (LRC) still has the potential to deliver immense value to investors. The token is actually listed on many exchanges, and its innovative use of third-party scalability solutions has made the network more efficient and faster.
We still expect LRC price to rebound in the long term. For this reason, it is definitely a good buy for any crypto investor.