Loopring vs Bitcoin May Shoot Up Anytime

Recently Loopring found the support at 61.8% Fibonacci retracement level, that is 6500 satoshis. Along with the Fibs support, the 4/1 Gann Fan trendline has also been rejected suggesting the continuation of the uptrend.

The consolidation now has taken almost two week, but price still failed to break below the support level. It seems that LRC/BTC is ready to rapidly start moving upwards, while the consolidation comes to an end.

Strong resistance is seen at 14300 satoshis, that is confirmed by 23.6% Fibonacci retracement level. This is a key resistance for Loopring, and if it manages to break above, further growth should be expected.

LRC could go down, but in this case, daily break and close below 6k satoshis is required. Then price could decline towards the uptrend trendline or even down to 4k satoshis support.

SHARE

LEAVE A REPLY

Please enter your comment!
Please enter your name here