Loopring Price Prediction for Today, June 17 – LRC Technical Analysis

On Jun 17, 2024

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The Loopring price prediction shows that LRC is likely to cross above the moving averages as eyes are currently glued on $0.20.

Platform Endures $5 Million Hack: How Will LRC React?

Loopring (LRC) has benefited from the crypto market’s positive momentum, climbing above $0.40 in March. However, it remains significantly below the record high it achieved in late 2021.

Loopring Prediction Statistics Data:

Loopring price now – $0.195
Loopring market cap – $252.4 million
Loopring circulating supply – 1.3 billion
Loopring total supply – 1.37 billion
Loopring Coinmarketcap ranking – #250

LRC/USD Market

Key Levels:

Resistance levels: $0.30, $0.32, $0.34

Support levels: $0.10, $0.08, $0.06

LRC/USD is refreshing to the upside as the coin currently trades at $0.195 with a bullish trade and trend in the intraday. Today, the crypto remains below the 9-day and 21-day moving averages preparing for the bullish movement.

Loopring Price Prediction for Today, June 17 – LRC Technical Analysis

LRCUSD – Daily Chart

Loopring Price Prediction: Loopring Price May Move Sideways

The daily chart reveals that the Loopring price will likely increase bullish movement if the bulls increase the pressure. At the moment, the 9-day moving average keeps hovering below the 21-day moving average, suggesting that the bears are still dominating the market

Nevertheless, in as much as the 9-day MA remains below the 21-day MA, it is likely for the coin to face the south or consolidate before heading to the upside. Therefore, any bullish movement toward the upper boundary of the channel could hit the resistance levels of $0.30, $0.32, and $0.34 respectively. Moreover, if the coin decides to face the downside, there may be a little retreat to the south, bringing the market to the support levels of $0.10, $0.08, and $0.06.

LRC/BTC Moves Bearishly

Against Bitcoin, Loopring (LRC) stays below the 9-day and 21-day moving averages, and the price could make a bullish cross if the buyers can make more effort. However, if the market faces the north, the crypto is likely to create additional gains but the 9-day moving average may need to make a bullish cross above the 21-day moving average.

Meanwhile, if the buyers increase the buying pressure, the Loopring price may touch the resistance level of 410 SAT and above. In other words, any bearish movement may bring the price below the lower boundary of the channel, and this could attract new sellers coming into the market with the next focus on the support level of 195 SAT and below.

On that note, @santimentfeed notified their followers on X (formerly Twitter) that 😱 Loopring’s network suffered a hack valued at over $5 million. Consequently, the project’s market cap has plummeted as trust within the crypto community wanes. Fear, uncertainty, and doubt (FUD) are likely exacerbating the -22% drop in $LRC over the past four days. This situation may present an opportunity to buy amidst the prevailing fear.

➰😱 Loopring’s network was compromised by a hack valued at over $5M. The project’s market cap has predictably dropped as trust among the crypto community has shrunk. FUD is likely compounding the -22% $LRC 4-day drop, and there is a likely opportunity to buy into others’ fear. pic.twitter.com/JAwMZyg1XS
— Santiment (@santimentfeed) June 11, 2024

Alternatives to Loopring

Looking at the daily chart, the next step for Loopring is to cross above the 9-day and 21-day moving averages. Once this occurs, bulls may push the coin towards the upper boundary of the channel, aiming for the nearest resistance level at $0.25. Given the project’s large following, it is likely to soar during the next meme coin bull run. Despite Loopring (LRC) having a substantial market cap of $252.4 million and ranking 250th in the market, its significance might be overshadowed by its large market cap. Meanwhile, the PlayDoge token presents a promising opportunity for significant returns within the coin asset class. With the token already securing over $4.6 million in its ongoing presale, now is the optimal moment to invest in this promising asset.

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