LRC upside swing within the range




Market & Ticker: Loopring – LRC/USDT 

Date: 08/08/2023 

Horizon / Timing:  Tactical Mid-term / 1 to 3 months 


LRC is progressing in trading range close to the historical bottom price. The current configuration is calling for an extension of the range with a direct upside swing towards 0,354 and 0,50 (upper part of the range) 
The scenario is to buy the dip on current level to catch a volatile upside move towards 0,0,2830 and 0,3540 corresponding to the auto similarity potential as long as 0,2050 remains a support valid in daily close. An extension of the swing towards 0,50 is likely on the mid-term 


Technical Key Elements: 


- Trading range between 0,2050 and 0,50 
- RSI indicator is about to confirm a new bullish momentum 
- The Moving average are still acting as resistance on current level 
- Fibonacci key support is adjusted at 0,2050 while the Elliot wave shows upside potential towards 0,2830 and 0,3540 

Trade Idea conclusion:  Buy - Conviction:




Target 2: 0,3540 

Target 1: 0,2830 

Buy: add in dip area 0,2290 

Stop: 0,2050 (Daily close) 



Chart: Daily Basis (Candle Stick) - Logarithmic  

Indicators: Exponential Moving Average (21/34/89) - RSI (21) 


The content in this channel is not investment advice but information to help you make the best decisions.. DYOR logo


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