LRC Technical Analysis: Will This Consolidation Trap End Now?

The LRC price remains trapped within a consolidation range as the bullish reversal from $0.34 struggles to exceed the $0.45 resistance level. Key Technical Points: The LRC prices jumped by 8.91% in the last 24 hours. The consolidation range in the daily chart is between the $0.34 and $0.45 levels. The 24-hour trading volume of Loopring is $173 million, indicating a hike of 105%. Past Performance of LRC As predicted in our previous article, the LRC prices successfully reversed after retesting the broken resistance trendline near the support level of $0.34. The bullish reversal rally forms a morning star pattern and beats the 50-day SMA to reach the overhead resistance of $0.45. However, the bull run struggles to create another bullish candle as the higher price rejection ones fail sideways continuation within the range. Source – Tradingview LRC Technical Analysis The LRC price chart shows a spike in trading volumes supporting the bull run, but the bearish candle forming at $0.44 warns of a reversal. Hence traders hoping for a breakout rally must wait for the daily candle to close above $0.45. As the price trend consolidates, the bearish influence over the crucial daily SMAs decreases significantly. Moreover, as the price trend sustains above the 50-day SMA, a bullish reversal can be seen shortly. The recent bull cycle within the consolidation range increases the daily RSI slope above the halfway and 14-day average lines. Hence ...