Holding LRC for long-term? Assessing if it's an investment opportunity or a gamble – AMBCrypto News

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice
In the past few months, the fortunes of many of the assets in the crypto sphere have not been particularly promising on the charts. Bitcoin and Ethereum have led the game of Musical Chairs, with smaller participants such as Loopring seeing massive gains in the process. However, these smaller coins have also been bleeding on the charts for a while now.
Source: LRC/USDT on TradingView
Loopring sat at an area that offered an interesting risk-to-reward opportunity- but things could quickly go south. The price has been in a downtrend since December. It has flipped multiple longer-term support levels to resistance on the way south.
At $1.23 lay the latest of the series of lower highs that LRC has posted on its downtrend. This was the level bulls would need to flip to support to show that the market has shifted to a bullish bias.
At $0.74 lay a long-term support level that has been tested for demand over the past month. The price did see a bounce and post a lower high, as already mentioned, at $1.23. However, this bounce was relatively weak and early March saw an even weaker bounce to graze $0.81 before dropping.
Since repeated tests of a level weaken it, it was likely that LRC would be headed further south in search of liquidity in the weeks to come.
Source: LRC/USDT on TradingView
The RSI has formed an exaggerated bullish divergence in the past couple of weeks. This type of divergence is a weak one and is unlikely to change the overall trend. It could see LRC bounce toward $0.9.
The DMI showed a strong bearish trend in progress with both the -DI (red) and the ADX (yellow) above 20.
The OBV has been declining in recent weeks as well. It pales in comparison to the volume of November, but it did highlight that steady selling has dominated the past three weeks.
The indicators and the repeated tests of $0.74 as support showed that further downside was likely for Loopring in the weeks to come. Risk-to-reward wise, the $0.74 level could serve as a buying opportunity with a tight stop loss to aggressive traders. Given market conditions and the momentum behind LRC, a drop below $0.74 appeared to be brewing after a possible, brief bounce toward $0.85-$0.9.

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Akashnath is a Chemical Engineering graduate deeply fascinated by Technical Analysis and the crypto markets and enjoys studying price movements and trying to find patterns.
Loopring could see further losses as sellers were too strong at a crucial juncture
Poised for a breakout, is a 50%-100% rally possible for LRC
LRC gains 20% in the past 24 hours and might climb past this level soon
What to expect from DeFi token Loopring (LRC) after recent dip
This Ethereum L2 rose by 1551%, outperformed Loopring, dYdX, Optimism
This points to a strong likelihood of organic growth-based rally for Loopring
Your email address will not be published. Required fields are marked *




document.getElementById( “ak_js_1” ).setAttribute( “value”, ( new Date() ).getTime() );

Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

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Will Fantom defy the broader market sentiment? The on-chain metrics say…
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With 16,600 addresses at loss, assessing the odds of Chainlink’s recovery by 277.34%
Enjin Coin, Harmony Coin, IOTA Price Analysis: 05 March
Holding LRC for long-term? Assessing if it’s an investment opportunity or a gamble
Bitcoin to separate from S&P500 because of the Russia-Ukraine conflict?
Analyzing BTC’s bearish and bullish price action for the week ahead
With Bitcoin recording the highest volatility jump, can $50,000 be next
‘Another leg’ for Bitcoin could see it hike or fall as much as…
How these feeding patterns of Bitcoin whales can help retail traders
Ethereum: Why ‘to buy or not to buy’ is not the question to ask
Up by 12.7% – Assessing why this L2 network’s on-chain activity shot up
Ethereum’s lowering gas fee could be a dangerous indicator for its price; here’s why
Can Ethereum breach $3000 in the next 48 hours? Yes, only if…
All you need to know about ‘developed’ Ethereum’s (Almost) 300K validators
Published
on
By
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice
In the past few months, the fortunes of many of the assets in the crypto sphere have not been particularly promising on the charts. Bitcoin and Ethereum have led the game of Musical Chairs, with smaller participants such as Loopring seeing massive gains in the process. However, these smaller coins have also been bleeding on the charts for a while now.
Source: LRC/USDT on TradingView
Loopring sat at an area that offered an interesting risk-to-reward opportunity- but things could quickly go south. The price has been in a downtrend since December. It has flipped multiple longer-term support levels to resistance on the way south.
At $1.23 lay the latest of the series of lower highs that LRC has posted on its downtrend. This was the level bulls would need to flip to support to show that the market has shifted to a bullish bias.
At $0.74 lay a long-term support level that has been tested for demand over the past month. The price did see a bounce and post a lower high, as already mentioned, at $1.23. However, this bounce was relatively weak and early March saw an even weaker bounce to graze $0.81 before dropping.
Since repeated tests of a level weaken it, it was likely that LRC would be headed further south in search of liquidity in the weeks to come.
Source: LRC/USDT on TradingView
The RSI has formed an exaggerated bullish divergence in the past couple of weeks. This type of divergence is a weak one and is unlikely to change the overall trend. It could see LRC bounce toward $0.9.
The DMI showed a strong bearish trend in progress with both the -DI (red) and the ADX (yellow) above 20.
The OBV has been declining in recent weeks as well. It pales in comparison to the volume of November, but it did highlight that steady selling has dominated the past three weeks.
The indicators and the repeated tests of $0.74 as support showed that further downside was likely for Loopring in the weeks to come. Risk-to-reward wise, the $0.74 level could serve as a buying opportunity with a tight stop loss to aggressive traders. Given market conditions and the momentum behind LRC, a drop below $0.74 appeared to be brewing after a possible, brief bounce toward $0.85-$0.9.

(function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[1]=’FNAME’;ftypes[1]=’text’;fnames[0]=’EMAIL’;ftypes[0]=’email’;}(jQuery));var $mcj = jQuery.noConflict(true);
Enjin Coin, Harmony Coin, IOTA Price Analysis: 05 March
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Akashnath is a Chemical Engineering graduate deeply fascinated by Technical Analysis and the crypto markets and enjoys studying price movements and trying to find patterns.
Loopring could see further losses as sellers were too strong at a crucial juncture
Poised for a breakout, is a 50%-100% rally possible for LRC
LRC gains 20% in the past 24 hours and might climb past this level soon
What to expect from DeFi token Loopring (LRC) after recent dip
This Ethereum L2 rose by 1551%, outperformed Loopring, dYdX, Optimism
This points to a strong likelihood of organic growth-based rally for Loopring
Your email address will not be published. Required fields are marked *




document.getElementById( “ak_js_1” ).setAttribute( “value”, ( new Date() ).getTime() );

Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

source

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