Loopring Breaks Channel, What Now?| And More in This Week’s Crypto Update
Get up to date on the latest analysis and trading tips with our Crypto update week 9
- LRC Breaks Channel, What Now?
- GT A Different Token
- Will Maker Continue Its Rebound?
- Will EGLD Start a Bull Run?
LRC Breaks Channel, What Now?
LRC has broken its uptrending channel, will the support hold?
What is LRC? Loopring (LRC) is a decentralized cryptocurrency exchange that operates on the Ethereum blockchain. It is designed to allow users to trade cryptocurrencies in a decentralized and trustless manner without the need for a central authority or middleman.
LRC Uptrend
LRC has been experiencing a bear run since last year, but it has recently started to rebound. The coin was caught in an uptrending channel, which helped LRC to gain a maximum of 150%. However, the channel was recently broken to the downside, and LRC needs to find another support level to continue its upward momentum.
LRC Support
The $0.33 level, which was recently broken, is now ready to act as support. Additionally, there is the 200 Simple Moving Average (SMA) on the Daily chart, which acts as a mobile support and resistance level. These support levels are around the same price, increasing the chances that LRC will bounce soon.
Bottom Line: Loopring (LRC) is a decentralized cryptocurrency exchange that operates on the Ethereum blockchain. It has recently started to rebound after a bear run and is currently finding support at the $0.33 level and the 200 SMA on the Daily chart.
GT A Different Token
GT trades differently than most tokens; let’s see why that is and how you can benefit from it!
What is GT? Gate Token (GT) is a native cryptocurrency token of the Gate.io exchange. It is an exchange token that provides various benefits and privileges to its users, such as reduced trading fees, access to exclusive trading pairs, and participation in the exchange’s community and governance decisions.
Why Different?
Like most exchange tokens, GT trades differently than the entire market. That is because the value of these tokens is heavily dependent on how well their respective exchange is doing and what benefits holding the tokens brings to the users of that exchange. As such, exchange tokens often outperform the market but also come with higher risks. If the exchange fails, as was the case with FTX, their native tokens are also wiped out of the market.
In recent months, GT has shown strong support at the 200 Simple Moving Average (SMA), which acts as a mobile support and resistance level. The token has recently broken above this level, and if it continues its pattern, it is likely to stay above it for a long time.
Another benefit of trading a coin that behaves “independently” of the market is that it is great for diversification. When trying to diversify, you want as many assets that move independently as possible in order to spread out your risk.
Looking Ahead: If the coin continues its strong uptrend, it may reach its all-time high before the rest of the market, as it did in the last bull run. To reach its all-time high, GT will need to break above the $5.60 resistance level, which is coming up shortly, and then the $7.50 level, which is the last resistance in its path to the all-time high. If it manages to break above these levels, we could see significant gains in the token’s price.
Will EGLD Start a Bull Run?
After an astonishing bull run in 2021, is EGLD ready to repeat it?
What is EGLD? MultiversX (EGLD) is a decentralized cryptocurrency that operates on the Elrond blockchain. It is used as a utility token for the Elrond network, which aims to provide a fast, secure, and low-cost platform for developers to build decentralized applications. In this analysis, we explore the recent trends of EGLD and analyze the potential growth prospects of this cryptocurrency.
EGLD’s Rebound?
EGLD had one of the best rallies of the entire market in 2021, rising by about 6,000%. However, as a result, it also experienced a severe bear run that reduced its market value by 94% in 2022.
EGLD started rebounding in January 2023, and it has been gaining momentum since then. However, the rally is still not confirmed yet, as it failed to break above the 200 Simple Moving Average (SMA), which acted as resistance throughout the bear market. The 200 SMA is a critical technical indicator used to determine the overall trend of an asset. If the price is above the 200 SMA, it is considered bullish, while if it’s below, it is considered bearish.
Support and Resistance Levels:
So far, EGLD has broken the important $40.00 level, which now acts as a support. This level acted as significant resistance during the bear market, and its break now suggests that the market sentiment has turned bullish. However, the price has yet to break above the 200 SMA, which is another significant resistance level.
If EGLD manages to break above the 200 SMA, it could lead to further growth in the cryptocurrency’s price. The next resistance in EGLD’s path to the all-time high is the $65.00 level.
Bottom Line: EGLD’s recent rebound from the bear market and break above the $40.00 level suggest that the cryptocurrency may be turning bullish. However, it has yet to break above the 200 SMA, which is the most crucial resistance for the cryptocurrency.
Will Maker Continue Its Rebound?
Maker has rebounded recently, but how stable is this renewed bull run?
What is Maker? Maker (MKR) is a decentralized cryptocurrency that operates on the Ethereum blockchain. It is a governance token used to manage the MakerDAO platform, which is a decentralized finance (DeFi) protocol. MKR has experienced some recent market trends and developments, so let’s the potential growth prospects of this cryptocurrency.
MKR’s Rally
MKR has started rebounding from the descending channel that it has been stuck in since May 2021. It broke from its descending trendline it has been stuck in since August 2021 and crossed above the 200 Simple Moving Average (SMA), which acts as mobile support and resistance. These two indicators suggest MKR has turned bullish, and investors should keep an eye on this cryptocurrency.
While MKR had a big day on Wednesday when it increased by 17%, it is unclear whether this strong rally will continue. Currently, MKR is slightly overbought, which means that the price may start to drop or range. Historically, each time MKR reached overbought levels on the Relative Strength Index (RSI), it started falling or ranging. However, it’s essential to keep in mind that the RSI can be overbought for a few days, so it doesn’t mean that it will change its current trend immediately.
Support and Resistance
If MKR starts retracing, the $700 and $500 support levels are ready to step in and halt the retracement. These support levels have been significant in the past and have helped to stabilize MKR during bearish phases.
On the other hand, if the rally continues, the next resistance stands at $1,700. This level has been a significant support in the past. If MKR manages to break above it, it could lead to further growth in the cryptocurrency’s price.
Bottom Line: MKR recently rebounded from the bear market and crossed above the 200 SMA, suggesting that the cryptocurrency may be turning bullish. However, it is uncertain whether this rally will continue, and investors should keep an eye on the support and resistance levels mentioned above.
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