LRC Technical Analysis: Increased Retest Momentum Warns $0.50 Fallout

LRC price action shows the retest of the falling channel breakout gaining momentum as the bearish candle breaches under the broken trendline. Key technical points: The LRC market value deflated by 8.29% in the last 24 hours. Downfall in Loopring market value forms a bearish engulfing candlestick. The 24-hour trading volume of Loopring is $295 Million, a hike of 44%. Past Performance of LRC LRC price action shows the bullish breakout of the falling expanding channel after a downfall of 70% within the pattern. The bullish reversal from $0.37 increases the buying pressure and breaks above the resistance trendline before facing rejection at $0.06, resulting in a retracement as a retest. Source-Tradingview LRC Technical Analysis Undermining the downtrend under the bearish trendline influence, LRC prices surpass the $0.50 mark but the recent retest showcase a bearish attempt to overtake the trend. Today, the market price has declined by 8.4%, reflecting the bearish attempt. The bearish cross-section of both the Stochastic and RSI Vortex indicators indicates a rise in selling pressure, which is preparing to drop below the trendline of resistance that has broken. However, the MACD indicator displays an upward-facing crossover that fuels the trend of upwards in both slow and fast lines, which indicates the deep fundamental positive sentiment. Thus, the technical indicators indicate a downward trend gaining momentum that is now poised t...