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LRC

LRCUSD heating up! $8.00 on sight!Loopring (LRCUSD) has seen the strongest rise of the top 100 market cap coins in the past 24hours and is currently testing not only the 1D MA100 (green trend-line), which has been intact since January 08, but also the horizontal Resistance that is holding since January 20. I've posted the very same LRC chart about two months ago and seems to be coming to fruition: The last time a similar Resistance level was tested, was during the previous Accumulation Phase of November - December 2020. Once the Resistance broke (accompanied by a 1D MA50/100 Bullish Cross), LRCUSD had a very aggressive two-day rally and entered a strong 1.5 month bullish stretch. Even the 1D RSI sequences of today and then seem fairly similar. Technically, if the price breaks those two Resistance levels, and since LRC has been trading within a Fibonacci Channel since early 2020 that has been making each High on the higher Fibonacci extension level, then the natural long-term target would be the 2.5 Fib ext. However we often see a tendency to face Resistance on the previous Higher Highs trend-line and that currently is the Fib 2.0 ext. We thus view the $8.00 - $10.00 range as a realistic long-term target zone. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
BINANCE:LRCUSDLong
by TradingShot
7
LRC possible Ascending TriangleHello Traders and Happy Valentines Day! I hope you all enjoyed the Super Bowl game! I am from Detroit so this was great for me as it is probably the closest we will get to seeing a Super Bowl! Thanks Stanford, you deserve it! Analyzing Loopring we are hoping to see a formation of an ascending triangle. The last swing down presented a small amount of bullish divergence on the MFI on a daily time frame which often sends the price in the opposite direction reversing the trend. Of course this is only possible if the lower ascending trend line holds and price bounces from this line growing above the top resistance and holding it as support. Trading this pattern you’d want to look for volume growth of buyers coming in every time the price bounces off the lower ascending line. You can enter this trade in two areas. Both labeled on the chart. Entering at the bottom of the structure at the first labeled entry will get you a greater risk to reward within the trade. Adding to your trade after the break of the upper resistance is how I generally approach this pattern. One thing to note is this pattern will often present a false breakout of the top of the pattern as shown here. Keep this in mind when measuring the target which is just the distance of A to B added to the top of the pattern when and where the price breaks out. Generally this pattern is a continuation pattern yet, can be found in reversals also. Best luck with this trade and I hope this information has helped you understand this pattern better. Savvy
Long
by Savvythe1
2