Loopringלונג
LRC - Ready to retest ATH
LRC has been trading down in a descending channel, which looks a lot like a bull flag. Which of the two it is I am not 100% sure as both patterns could be applied. Where I am a bit more certain of is the bullish potential after this breakout.
What usually happens after a breakout is a retest of the channel / flag before the price continues its way up. The price went up and back to the trendline as far as possible, though a tough support is holding the price up for several hours already. Next to that the MACD lines have also crossed again, which usually means that further bullish potential is around the corner.
Other than that the market is of course correlating with BTC, which is key to see some further movement here as well. I expect that based on the current chart that:
A) The price will continue to trade around this level as the support does a pretty good job so far
B) The price will see a strong increase as soon as BTC decides to move its way back up as well.
My first price target is $3.59, after which I expect a small retracement followed by a retest of its ATH. From there it will be interesting to see whether the price goes further into 'price discovery' or whether it bounces again.
As always, this is my view on the chart and not financial advice.
What usually happens after a breakout is a retest of the channel / flag before the price continues its way up. The price went up and back to the trendline as far as possible, though a tough support is holding the price up for several hours already. Next to that the MACD lines have also crossed again, which usually means that further bullish potential is around the corner.
Other than that the market is of course correlating with BTC, which is key to see some further movement here as well. I expect that based on the current chart that:
A) The price will continue to trade around this level as the support does a pretty good job so far
B) The price will see a strong increase as soon as BTC decides to move its way back up as well.
My first price target is $3.59, after which I expect a small retracement followed by a retest of its ATH. From there it will be interesting to see whether the price goes further into 'price discovery' or whether it bounces again.
As always, this is my view on the chart and not financial advice.
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