Loopring(LRC) Triangle Pattern Ready for Breakout
Updated
Hello. Loopring(LRC) which has been consolidating over the past few days in a symmetrical triangle pattern. But the time is coming for LRC to finally move again. In my technical analysis LRC may go upwards.
Prior to the triangle pattern, LRC skyrocketed from a mere .40 to a high of 1.71. After the skyrocket LRC remained silent for a while with low volume. This means an incoming move is happening soon.
There is also a mini consolidation, marked with a purple dashed trendline. Price already broke out of it, which is bullish.
The RSI also formed its own pattern, with an early upside breakout compared to the price which may mean that price is breaking out to the upside soon.
The 9 and 20 EMAs should hold if the bullish breakout is to be strong. Right now, they act as a support.
In my opinion, I would consider the breakout to be taking place if the 0.5 Fib is broken. After that we might see a rally to the 1.618 Fib.
What do you think about Loopring(LRC)? Tell me in the comments!
Thank you for reading! Constructive feedback is appreciated!
Prior to the triangle pattern, LRC skyrocketed from a mere .40 to a high of 1.71. After the skyrocket LRC remained silent for a while with low volume. This means an incoming move is happening soon.
There is also a mini consolidation, marked with a purple dashed trendline. Price already broke out of it, which is bullish.
The RSI also formed its own pattern, with an early upside breakout compared to the price which may mean that price is breaking out to the upside soon.
The 9 and 20 EMAs should hold if the bullish breakout is to be strong. Right now, they act as a support.
In my opinion, I would consider the breakout to be taking place if the 0.5 Fib is broken. After that we might see a rally to the 1.618 Fib.
What do you think about Loopring(LRC)? Tell me in the comments!
Thank you for reading! Constructive feedback is appreciated!
Note
LRC broke 0.5 Fib, looking good so farNote
Wow, it just did a breakout. ExcellentNote
LRC is skyrocketing. Very excellentNote
LRC reached 2.50, from 1.30, which is almost a 50% increase in a little more than 24 hours! NiceNote
LRC is still going up, wowNote
If you are holding LRC, be sure not to be greedy. It pays off to control your emotions
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