LRC Technical Analysis: Can Post-Retest Reversal Save LRC Prices?

LRC Technical Analysis shows that its price exceeds the declining resistance trendline but struggles to display a post-retest reversal. Will buyers succeed in regaining trend control? Key Technical Points: LRC prices have decreased by 3.85% in the last 24 hours. The price action shows a bullish failure to surpass the 50-day SMA. The 24-hour trading volume of Loopring is $132 Million, indicating a rise of 156%. Past Performance of LRC As mentioned in our previous article, the LRC price action exceeds the declining recent trend line but faces a higher price rejection from the $0.44 resistance level. The reversal rate tests the broken resistance trendline and struggles to regain any bullish momentum. Additionally, the increasing number of bearish and higher price rejection candles warns of a downfall under the $0.34 support level. Source – Tradingview LRC Technical Analysis The LRC prices take resistance from the 50-day SMA and fabricate a double top pattern with the neckline at the $0.34 level. Hence the underlying bearishness is on the rise, which warns of a downtrend continuation. The DMI indicator shows the DI lines maintain a positive alignment but struggle to increase the bullish spread. Meanwhile, the ADX line shows a sideways trend indicating a saturation in trend momentum. The RSI indicator shows a sideways trend below the halfway line but continues to take support from the 14-day average line. Hence the path of the RSI ...