LRC is the Ethereum-based cryptocurrency <a href="https://www.cryptoknowmics.com/news/openocean-integrates-ethereum-layer-2-solution-loopring/">token</a> of Loopring, an open protocol designed for the building of decentralized crypto exchanges. The founder and current CEO of Loopring Foundation, which manages the development of Loopring protocol, is Daniel Wang, a software engineer and entrepreneur based in Shanghai, China. The main idea behind Loopring is to combine elements of centralized and decentralized cryptocurrency exchanges to create a protocol that will enjoy its unique advantages and eliminate inefficiencies.

Let us look at the technical analysis of LRC.
<h2><b>Past Performance</b></h2>
The LRC opened for trade on October 27, 2021, at $0.428. As the later part of the previous week witnessed a breakout of the price, LRC <a href="https://www.cryptoknowmics.com/news/loopring-lrc-and-serum-srm-technical-analysis-will-buyers-quash-bears/">closed</a> on November 2, 2021, at $1.44. This resulted in a weekly change of 236.44%. The 24hr high was $1.71 whereas the 24hr low was $0.9307.

<img class="tv-snapshot-image" src="https://s3.tradingview.com/snapshots/v/Vr9bQot9.png" alt="TradingView Chart" />

Source: <a href="https://www.tradingview.com/x/Vr9bQot9/">https://www.tradingview.com/x/Vr9bQot9/</a>
<h2><b>LRC Technical Analysis</b></h2>
The price has already hit the 52-week high at $1.71. A strong bullish sentiment in the market was seen in the last few days, however, the bears are gaining power today. This can be seen as the price is 9.66% down on a daily basis today at $1.2955. This is creating a dilemma for whether to take a long position or a short one. Let us look at what the indicators are showing.

The volume-based indicator<strong> OBV</strong> is showing that the buying and selling volumes are balanced today. This is putting neutral pressure on the price to go up or down.

LRC has created a record of $75 Million in trading volume in just 24 hours.

<strong>RSI</strong> is currently at 81.65%. It has bounced back from 93% level but is still in the overbought region. Here, it is a negative signal as it is on a downtrend, meaning that the price is losing its strength.

Loopring has launched its blocked explorer yesterday finally. Loopring (LRC) Block Explorer is a simple tool that gets you detailed information about any Loopring transaction, address, and block. Just enter any Loopring (LRC) transaction ID, address or block no. and click on search to get its details. It also lets you download your trading data.

The <strong>MACD</strong> is confirming the increase in price as a lagging indicator. This can be seen as both the MACD line and the Signal line are positive and the height of the histogram is increasing. This is a bullish signal.

It is interesting to note that Loopring is a Layer-2 scaling protocol for decentralized exchanges (DEXs) built on the Ethereum blockchain that can process the settlement of thousands of trades per second.
<h2><b>Day-Ahead and Tomorrow</b></h2>
<strong>FIB Retracement</strong> is showing that the price chart crossed all the present pivots, the last one being at $1.01.

Thus, the indicators are giving mixed signals. The price has already managed to cross the resistance at $0.447 and $0.516. Before that, it took support at $0.3624. The traders may hold their current positions while waiting for a clear signal from the market. Meanwhile, they can keep their target at $2 while keeping the stoploss at $1.145.

LRC Technical Analysis: Price Has Already Hit the 52-Week High at $1.71; A Strong Bullish Sentiment

In the technical analysis, LRC FIB Retracement is showing that the price chart crossed all the present pivots, the last one being at $1.01.Thus, the indicators are giving mixed signals. The price has already managed to cross the resistance at $0.447 and $0.516. Before that, it took support at $0.3624. The traders may hold their current positions while waiting for a clear signal from the market. Meanwhile, they can keep their target at $2 while keeping the stoploss at $1.145. 

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

LRC Technical Analysis: Price Has Already Hit the 52-Week High at $1.71; A Strong Bullish Sentiment

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