Technical Analysis – Loopring (LRC), Bancor (BNT), and JUST
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Technical Analysis – Loopring (LRC), Bancor (BNT), and JUST

April 17, 2021      Dalmas Ngetich

Loopring, JUST, and Bancor technical analysis suggest buyers. LRC/USDT may rise to $0.90, while BNT buyers are open for $9 if a breakout above $8 pans out. Meanwhile, JUST gains are parabolic. Traders expect a surge to $0.30 in Q1 2021 trend continuation.

Loopring (LRC)

Loopring is a layer-2 DEX enabling that allows the trustless swapping of Ethereum-based tokens. LRC is native to the protocol. Holders—judging from various LRC technical analyses, expect prices to extend to their Q1 2021 gains.

Past Performance

The Loopring price is within a $0.06 range, ranging between $0.61 and $0.67 on the last day.

Trading volumes are marginally lower, shrinking seven percent to $119 million during the same period.

Days-Ahead and what to Expect

Overly, Loopring buyers are in control.

The LRC price is trading at $0.67, stable on the last day against the USD, ETH, and BTC. However, it is up double digits versus BTC and USD week-to-date, paring losses with ETH.

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LRC/USDT is trading within a bullish break-out pattern after clearing above Mar 2021 highs of $0.60.

The 20-day moving average is positively slopping, pointing to bulls.

BB are diverging, suggesting a buildup of momentum and volatility.

LRC/USDT Technical Analysis

Loopring Daily Price Chart for Apr 17

Aforementioned, LRC/USDT is trading within a bullish breakout pattern.

Buyers are in control, provided LRC bulls maintain prices above $0.60.

Therefore, every low could be a loading opportunity for aggressive bulls.

The immediate target is $0.90—the Q1 2021 highs.

Sharp losses below the middle BB and Apr lows swing LRC/USDT price action in favor of bears.

Just Network (JUST)

DeFi is global. The Just Network runs on the Tron platform, managing over $15 billion of value as of Apr 17. JUST is its governance token.

Past Performance

The JUST price remains on an uptrend but with relatively low volatility.

JUST/USDT is trading inside a $0.03 range with support and resistance at $0.15 and $0.18, respectively, on the last trading day.

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Meanwhile, volumes are down 25 percent to $389 million.

Days-Ahead and what to Expect

JUST is trading at $0.17 on the last day, adding roughly eight percent against major currencies—USD, ETH, and BTC, on the previous trading day.

Price gains have been parabolic with tapering participation, as the daily chart shows. The middle BB remains a reliable support line, as JUST/USDT technical analysis shows.

JUST/USD prices are within a wider $0.07 range of $0.13 and $0.20, respectively.

JUST/USD Price Analysis

JUST Daily Price Chart for Apr 17

The JUST price is charting higher and at near all-time highs. In a bullish breakout pattern, aggressive traders can buy the dips. It is provided JUST/USD price trade above $0.13 and the middle BB.

A close above $0.20 with high trading volumes—exceeding recent averages, could see JUST prices jump to $0.30—the 1.618 Fibonacci retracement level.

On the flip side, losses below $0.13—the 38.2 percent Fibonacci retracement of the Q1 2021 trade range, will deflate bulls. Subsequently, it will pave a path for bears to force prices towards $0.07—the 61.8 Fibonacci retracement level.

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Bancor (BNT)

Bancor is one of the earliest DeFi projects, and BNT has been tracking its performance ever since.

Past Performance

Bancor’s technical analysis reveals general weakness. BNT/USDT prices remain in range within a $0.50 zone between $7.45 and $7.95 on the last day. At the same time, BNT volumes have been cratering. It is at $136 million on the previous day.

Days-Ahead and what to Expect

The BNT price is trading at $7.88, adding eight percent week-to-date and struggling against BTC and ETH in the same period.

BNT/USDT remains in range mode with caps at $8 and $6.5.

There has been a pickup of participation, but volumes pale in comparison to those of Feb 2021.

BNT/USDT Price Forecast

Bancor Daily Price Chart for Apr 17

Bancor buyers are in control, albeit with the ranging prices.

In consolidation with increasing volumes, BNT bulls appear to be in control, reflecting gains of Q1 2021.

A close above $8 opens the door for $9—Feb 2021 highs.

On the reverse side, a distribution forcing BNT prices below $6.5 could easily see prices dump to $5.

#Bancor #BNT/UST #DeFi #JUST/USDT #Loopring #LRC/USDT #Tron DeFi
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.