Loopring [LRC] Price Analysis: 05 April

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice.

Loopring’s LRC/USD was trading at $0.3677 at press time (5 April 2023), after hiking by 4.5% in the last 24 hours. The crypto-market seemed to be exhibiting bullish sentiment as Ethereum broke past the $1,840-resistance to reach $1,900 and as Bitcoin attempts to climb above $29,200 again.

Realistic or not, here’s LRC’s market cap in BTC’s terms

This article will provide a detailed technical analysis of the LRC/USD pair, explaining and interpreting various indicators over the 1-day timeframe. Overall, the indicators underlined that further gains could be in store for LRC, provided it can flip the $0.37-resistance to support. The next area of significant resistance beyond that was the $0.43-$0.45 region.

Source: LRC/USDT on TradingView

Relative Strength Index (RSI) – The RSI is a momentum oscillator that measures the speed and change of price movements. An RSI value of 54.7 suggests that the LRC/USD pair is in a neutral territory, neither overbought nor oversold. This indicates that there is still room for potential upward movement, as the momentum has not yet reached overbought levels.

Bollinger Bands are volatility bands that help traders identify potential trend reversals and price breakouts. The converging bands suggest that the LRC/USD pair is experiencing a period of consolidation, which could be followed by a significant price movement in either direction.

On-balance Volume (OBV) is a cumulative volume-based indicator that helps traders analyze the relationship between price and volume. The slight uptick in the OBV since 14 March indicates a mild increase in buying pressure, hinting at the possibility of a