- Loopring price highlights signals of an upcoming bullish rally after the alt flipped resistance barrier at $1.17 into the support floor.
- The latest move clears the path for an exponential uptick towards $2 for LRC.
- A daily candlestick close under $1.03 will annul Loopring bullish thesis.
Loopring price formed a steady bottom after its downtrends disappeared on 22 January. Since then, the alt has climbed to flip several obstacles, flipping them into dependable support floors. LRC overturned a significant zone recently, suggesting a possible bullish run soon.
Loopring Readies for a Bull Run
Loopring pushed to overcome the $1.17 resistance and flip it into support after setting a swing low near $1.03. The move means a substantial buy signal since LRC doesn’t have hurdles that might prevent upswings in the coming sessions.
Thus, market participants may expect LRC price to launch a vertical rally (like what it did in October and initial sessions of 2021 November). Presuming such a remarkable upswing appears, enthusiasts can expect the alternative token to retest the hurdle at $1.96, following a 55% surge.
Some scenarios would see the upward rally extending high towards the psychological value at $2, translating to a 58% total gain. Beyond the barrier of $1.96, LRC might consolidate before any upswing emerges.
While things seem optimistic for LRC price, losing the recently flipped $1.17 resistance will mean a headwind for Loopring bulls. Furthermore, a 24-hour candle close under $1.03 will cancel Loopring’s bullish thesis. Such a development would open doors for more downtrends. That might see LRC revisiting the support floor at $0.93. However, Buyers can regroup in this area to attempt another upward move.
Loopring has seen remarkable upswings over the previous market-wide uptrend. The positive sentiment saw the alternative coin overturning several resistances to support barriers. Meanwhile, the latest flip of a critical hurdle at $1.17 shows that alt is ready for another bullish run.
For now, LRC appears on the road towards the $2 psychological zone. Broad market sentiments remain essential for LRC to keep its upside strength. Nevertheless, a 24hr candle close under $1.03 will annul Loopring’s optimistic narrative.
