Loopring (LRC) price has been rejected from a previous support level which is now acting as a resistance. After generating 108% returns for its holders from its October lows, LRC crypto has experienced a 20% correction from monthly highs highs.
On Wednesday, a strong surge in BTC price turned altcoin prices green once again. The biggest cryptocurrency by market capitalization (Bitcoin) is trading close to its yearly highs which has sent a bullish wave across the altcoin market. As a result, the Total 3 market capitalization went up 3.28% today.
At the time of writing, LRC price stood at $0.2655 which was just a few points above its weekly lows. Nevertheless, it still showed 1.8% increase for the day. Technical analysis suggests there could be more downside before a bounce
The reason why I am not very bullish on Loopring is the failed breakout attempt above the weekly resistance of $0.32. This resistance level has been clearly marked on the following chart. Only a weekly closing above this resistance can result in another bullish leg.
Loopring price prediction is looking very mixed at the moment. At one hand, a breakout above $0.32 could lead to very high price targets, while on the other hand a breakdown below $0.24 could be very catastrophic.