The Loopring price has not done well in the markets this month, despite the past six days showing a 24 per cent surge. Loopring is still down by 30 per cent for the month, and it is looking likely that the current push to the upside may be a bearish flag.
Understanding the Current Price Action
In May, Loopring’s price dropped by 16 per cent. However. In the second half of the month, an increased bullish move resulted in prices rising by 77 per cent to close the month, trading at a $0.56 price level.
Therefore, there were signs that June would continue the aggressive bullish trend and likely see the prices reverse. In the first few days of the month, the prices started well and showed signs that, despite falling slightly, the current trend was still upwards. However, as the month progressed, the Loopring price started to fall sharply, reaching lows of $0.31. Days after reaching the price low, the trend had been stuck in a sideways market until six days ago.
Starting from the late hours of the June 18 price level, the prices have increasingly become bullish and resulted in a price surge of 24 per cent. However, in today’s trading session, Loopring is up by 4 per cent, signalling that the prices may be reversing.
Loopring Price Prediction
Although today’s session is up by 4 per cent, and it looks likely that we may be in a price reversal, past price action has shown us that Loopring price is able to have huge swings before resuming bearish trends. Therefore, my Loopring price prediction is to the downside. I expect the prices to reverse from the current bullish trend and resume the long-term bear market. As a result, we will likely see prices trading below the $0.32 price level in the next few trading sessions.
However, should the current bullish trend trade above the $0.4300 price level, then my bearish analysis will be invalidated. At that point, the trend will be very clear that we are in a bullish reversal.