analysis of Looping (LRC) The last two weeks have been largely bearish. Most of the analysts were targeting a price of $1.3 in the downtrend and true to it, LRC fell to those levels. But there were some breakouts that took the coin out of the $1.3 base, and LRC also tested its upper resistance at $1.6. But till now Looping (LRC) is stalled. should you buy it? First few highlights:
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Despite breaking its $1.6 resistance, Looping (LRC) has struggled to maintain gains above that range, indicating weakness.
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At the time of writing, the coin was trading at around $1.59, almost unchanged in 24-hour intraday trading.
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Analysts warn that LRC could easily drop to $1.3 if gains above $1.6 do not continue further.
Data Source: Tradingview.com
Looping (LRC) – Price Forecasting and Analysis
As mentioned above, the comments around Looping (LRC) over the past two weeks were bearish. Technical indicators around the coin were pointing to continued price pressure, and eventually, LRC dropped to around $1.3.
But there were some indications that a rally could be on the cards once the coin managed to recapture the overhead resistance at $1.6. But despite this, it has not been able to stay above that limit so far.
If this trend continues, the LRC is looking for a downside break that will take it back to $1.3. But if the bulls push the gains above $1.6 and keep them there, a bounce back towards $1.9 and eventually $2.2 is still likely.
Why you should buy Looping (LRC)
Despite recent price pressures, Looping (LRC) still has the potential to deliver immense value to investors. The token is actually getting listed on multiple exchanges, and its innovative use of third-party scalability solutions has made the network more efficient and faster.
We still expect LRC price to rally in the long term. For this reason, it is definitely a good buy for any crypto investor.