LRC Breaks Channel, What Now?

LRC has broken its uptrending channel, will the support hold?

What is LRC? Loopring (LRC) is a decentralized cryptocurrency exchange that operates on the Ethereum blockchain.

It is designed to allow users to trade cryptocurrencies in a decentralized and trustless manner without the need for a central authority or middleman.

LRC Uptrend

LRC has been experiencing a bear run since last year, but it has recently started to rebound.

The coin was caught in an uptrending channel, which helped LRC to gain a maximum of 150%. However, the channel was recently broken to the downside, and LRC needs to find another support level to continue its upward momentum.

LRC Support

The $0.33 level, which was recently broken, is now ready to act as support.

Additionally, there is the 200 Simple Moving Average (SMA) on the Daily chart, which acts as a mobile support and resistance level.

These support levels are around the same price, increasing the chances that LRC will bounce soon.

Bottom Line: Loopring (LRC) is a decentralized cryptocurrency exchange that operates on the Ethereum blockchain. It has recently started to rebound after a bear run and is currently finding support at the $0.33 level and the 200 SMA on the Daily chart.