Loopring (LRC) and Flamingo (FLM) Technical Analysis: What to Expect?
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Loopring (LRC) and Flamingo (FLM) Technical Analysis: What to Expect?

May 26, 2021      Dalmas Ngetich

Flamingo and Loopring prices are recovering. LRC/USDT stands to reach $0.90. On the other hand, FLM/USDT is open for $1.1 in buy trend continuation.

Loopring (LRC)

LRC is the token behind the Loopring platform of Ethereum enabling projects to build DEXes. Creators are creating a hybrid system of order matching, drawing the best from centralized and decentralized exchanges.

Past Performance of LRC

LRC prices are steady, adding 34 percent on the last day versus the greenback.

From the daily chart, LRC/USDT prices are bottoming up, building on the double-bar bullish reversal pattern of May 23 and 24.

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Pumping LRC prices and propping buyers is increasing participation on the last trading day.

Amid bulls’ re-invigoration, LRC trading volumes are up 36 percent to $109.6 million.

Day-Ahead and What to Expect

Overly, LRC/USDT technical analysis suggests weakness from a top-down approach.

Prices are trending below the middle BB even with buyers’ attempts over the last few days.

Still, LRC bulls have the upper hand and may edge higher towards $1 in the upcoming sessions.

LRC/USDT Technical Analysis

Loopring Price Daily Chart for May 26

LRC prices crashed by over 80 percent from the Q1 2021 peaks.

Presently, LRC/USDT buyers might have the upper hand, building on the double-bar bullish reversal of May 23 and 24.

Aggressive traders can buy the dips with targets at $1. Meanwhile, drops below $0.25 may see LRC/USDT prices crash towards Q1 2021 lows of around $0.12.

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Flamingo (FLM)

FLM powers the feature-rich DeFi dApp in NEO, Flamingo. The platform is founded by Da Hongfei.

Past Performance of FLM

Technically, FLM prices remain in range mode, under pressure, and circling within May 19 bear bar.

Even so, there are some positives. For instance, on the last trading day, FLM prices are up 15 percent against USD.

It has also outperformed ETH and BTC at the back of rising trading volumes, adding 37 percent to around $34 million.

Day-Ahead and What to Expect

Price action in the daily chart points to demand and strength.

On the last trading day, FLM/USDT technical analysis indicates a possible reversal after deflating losses of May 19.

Still, strong sustained gains above $0.55 may see FLM/USDT rise to $1.1 in the medium term in a bullish breakout pattern.

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FLM/USDT Technical Analysis

Flamingo Price Daily Chart for May 26

From volume analysis, FLM sellers are in charge. Notably, FLM/USDT prices are trading within May 19 bear bar with lighter trading volumes.

However, a lift-off past $0.55 may spark demand, lifting FLM back to May 19 highs and $1.1 in the upcoming sessions.

If FLM/USDT slides from spot rates below the 78.6 percent Fibonacci retracement level of the Q1 2021 trade range at $0.32, there is no discounting the possibility of FLM tanking to $0.1.

#DeFi #Flamingo #FLM #FLM/USDT #Loopring #LRC #LRC/USDT
Dalmas Ngetich
Dalmas Ngetich

Dalmas has been passionate about the blockchain and crypto space ever since he’s heard about it. As someone who’s been closely following the trends in the crypto space, Dalmas is excited about what lies ahead in this niche and is all set to explore it. While he’s been advocating crypto adoption for a number of years, he’s himself a HODLer, which makes his voice authoritative and credible.