Loopring Price Surges to $0.271 Amid Bullish Extension

Loopring Price Action and Market Sentiment

Loopring (LRC) is experiencing bullish market sentiment, with its price surging to $0.271. Over the last 24 hours, LRC has traded between $0.26 and $0.271, reflecting a steady uptrend. The coin opened the daily session at an intra-day high of $0.271, a level not seen since late June.

Despite forming a bearish engulfing candlestick on the 4-hour chart, which may signal short-term selling pressure, bulls are driving the price higher. The bullish extension on the hourly chart and the formation of a bullish engulfing candlestick on the daily chart further reinforce the positive outlook.

Technical Indicators and Key Levels

LRC has established a strong support level at $0.2598, with the price holding firmly above this mark. Traders should monitor the resistance level at $0.2781, as well as potential retracements to $0.2598 and $0.2493.

The Bollinger Bands on the 4-hour chart indicate increasing volatility, with the upper band nearing the key resistance at $0.2781. The MACD shows bullish momentum, with the MACD line crossing above the signal line. However, traders should remain cautious of a potential bearish crossover.

The Relative Strength Index (RSI) is currently at 70, signaling that LRC is in overbought territory. Additionally, the 4-hour chart reveals an ascending triangle pattern, which could lead to an upward breakout if the support level holds.

Fibonacci Retracement Levels

The Fibonacci Retracement tool highlights potential resistance levels at $0.2781, $0.2878, and $0.2988. Support levels are identified at $0.2598, $0.2493, and $0.2394. These levels are critical for determining LRC's short-term price movement.

Market Performance

Loopring is currently ranked 98th by market capitalization, with a market cap of approximately $363 million and a 24-hour trading volume of $56.5 million. LRC's price has increased by 5.92% in the last 24 hours, reflecting strong buying activity.

Conclusion

Loopring's bullish extension and technical indicators suggest continued upward momentum. However, traders should remain vigilant about potential retracements and resistance levels. The combination of bullish engulfing patterns, ascending triangles, and increasing buying activity positions LRC for potential further growth in the short term.