Loopring (LRC): Assessing Possibility of $2 Visit after Overcoming This Obstacle

  • Loopring price tries to conquer the hurdle at $1.17 before triggering a swift run-up.
  • Enthusiasts can see a 70% upsurge towards $1.96 with the bulls’ resurgence.
  • A 24hr candlestick close beneath 41.03 will annul the bullish case for Loopring.

Loopring (LRC) has seen a vertical upward move since 15 March but currently faces a critical resistance zone. Success in flipping this obstacle remains critical in catalyzing a massive upswing for the alternative token.

Loopring to Launch News Uptrend

Loopring saw its price climbing by 108% within two weeks, from 15 March. The remarkable upsurge saw LRC briefly flipping $1.17 into support. Nevertheless, profit-booking players knocked the token beneath the area, erasing the remaining bullish strength.

Loopring price has tried to overcome the barrier at $1.17 since 31 March but failed. That saw the alternative coin in sideways actions. However, flipping this hurdle into a foothold will confirm a new ascent for LRC.

Such a narrative would trigger an explosive surge towards the resistance zone near $1.96, translating to a whopping 70% upsurge, and the move might stretch to $2. Remember, $2 caps LRC upside.

Supporting the upside move by LRC is the GIOM model by IntoTheBlock. The metric indicates that Loopring’s nearest resistance zone is weak, highlighting a chance for a move towards the following underwater investors’ cluster.

This zone stretches between $1.28 and $2.07, where nearly 6,300 addresses that bought approximately 349 million Loopring tokens at a $1.67 average price stay out of money. Surprisingly, this target corresponds with the optimistic narrative from a technical view.

Despite the bullish picture, the LRC piece should flip the barrier at $1.17 into support and maintain beyond it. Failure here will mean a bearish case for the altcoin. That would mean resorting to downswings.

Meanwhile, a 24hr candlestick close under $1.03 will cancel the upside theory for Loopring. Moreover, such a development will mean more drops towards $0.836, where bulls can try a comeback.

Nevertheless, LRC price targets will depend on broad market sentiment. The overall crypto spectrum remained somewhat flat within the past day. For instance, the global market capitalization gained less than 1% to hover at $2.16 trillion. Extending the upside will support LRC’s targets.

Editorial credit: Piotr Swat / shutterstock.com