Loopring (LRC) Price Trades Near Crucial Support Zone of $0.2100, Reflecting a Major Downturn This Week

The Loopring price was in a closed range for over one and a half months, causing a dilemma among the investors. Nonetheless, sellers gained momentum.

The Loopring (LRC) price is showing signs of weakness once again as the token trades near a crucial support zone. The price has dropped over 25% in the last three trading sessions and slipped to its crucial demand zone. The ongoing sentiment is turning out to be negative, and sellers are eyeing to breach the prompt support zone.

At press time, the Loopring (LRC) price is trading at $0.2090 with an intraday drop of 3.98%, reflecting a selloff on the charts. It has a monthly return ratio of -14.30% and 2.20% yearly, reflecting a downtrend.

The pair of LRC/BTC is at 0.00000310 BTC, and the market cap is $264 Million. Analysts are neutral and suggest that the LRC price may hold gains near the demand zone and might see a pullback soon.

Loopring Price Analysis: Key Points

The LRC token price is in a severe downtrend on daily charts, and bulls are in trouble as they can’t attain any significant rebound. The sellers have the momentum, but few technical indicators suggest a possible pullback ahead.

Based on the momentum oscillator projections, the LRC token price looks oversold and might see a pullback soon.

Bulls have to surpass its primary swing hurdle of $0.5200 to back the crypto’s strength, while a drop below $0.2020 will drag LRC towards its next leg of $0.1950.

Relative Strength Index (RSI) on the daily chart is currently at 28.04, indicating oversold conditions.

The Bollinger Bands are converging, indicating a period of low volatility.

The Moving Averages Convergence Divergence (MACD) line is below the signal line, indicating bearish momentum.

Loopring Token Trades In Red As It Might Be Countering A Massive Demand Zone

The token has paused the selloff and tried to sustain gains near the demand zone. Per the Sanitment feed tweet data, Loopring’s network was compromised by a hack valued at over $5M. The project’s market cap has dropped as trust among the crypto community has shrunk.

➰😱 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

When writing, Loopring crypto ranks 221 per the market cap and looks oversold now. It implies a price turnaround may be possible ahead.

The ongoing trend guides a significant short-buildup activity that has happened in the past sessions, which resulted in a severe drop of over 25% this week.

Interestingly, the token has paused the selloff and tried to sustain gains near the demand zone.

Loopring Price Chart by Tradingview

Technical Aspects Of LRC Token Price Countering Demand Zone

The token price is trying to settle the gains near the crucial demand zone for a significant recovery as the immediate support for the token is at $0.2010 and $0.1920, whereas the key upside hurdles are around $0.2180 and by $0.2380.

The LRC token has a total supply value of 1.93 billion, and the trading volume remained flat at $27 million.

The token ranks 221st as per the market cap, and it has a circulating supply of 1.38 billion tokens.

The LRC token is down -4.2% in the past 24 hours, with a price range between $0.2040 and $0.2140. It has aبرودةرة of 0.00000310 BTC and 0.00004380 ETH.

Conclusion

The LRC token price trades near the make-or-break zone of $0.2080 and is below its key moving averages. The ongoing price action guides the selling pressure and directs underperformance on the charts.