Loopring and Republic Protocol Technical Analysis: What to Expect?
Loopring (LRC) and Republic Protocol (REN) prices are bottoming up after losses of mid-Apr 2021. LRC/USDT may spring back to $0.70, while REN may race to $1.1.
Republic Protocol (REN)
Inter-blockchain liquidity was difficult until Republic Protocol. REN is the primary currency of its ecosystem.
Past Performance of REN
As of writing, the REN price is within a $0.08 zone with caps at $0.79 and $0.87, respectively. Buyers are beginning to take charge, pushing REN higher.
The coin is up three percent on the last day and breakeven versus ETH and BTC on the same period.
Notably, REN participation is decent as average trading volumes rose to $70.2 million.
Day-Ahead and What to Expect
After extended losses, REN/USDT technical analysis points to support and an asset bottoming up.
REN was trading at $0.86 last day, up 12-times year-to-date.
In the daily chart, there is a double bar bullish reversal pattern.
Notably, REN/USDT prices are bottoming up from around the 61.8 and 78.6 percent Fibonacci retracement level of the Q1 2021 trade range.
However, REN/USDT is trending inside the Apr 18 bear bar—which could indicate sellers.
REN/USDT Price Forecast
The REN correction has been profound, and prices could print higher.
Aggressive traders may load up the dips in the follow-through of Apr 25 and 26 double-bar bullish reversal pattern.
Their first target could be $1.1.
Risk-averse traders can wait for a clean break above the current consolidation and $1.1 before aiming at $1.4 and $1.8 in buy trend continuation.
Loopring is among the first DEX to adopt Layer-2. It is why LRC has been firm over the last few months.
Past Performance of LRC
The LRC price remains in an uptrend, ranging over the last few days and reversing losses of Apr 23. LRC/USDT prices are within a $0.05 zone in a $0.51 and $0.46 hi-lo.
Trading volumes have also risen to $73 million, adding 18 percent on the last day.
Day-Ahead and Tomorrow
On the last day, LRC is trading at $51, outperforming the BTC, ETH, and USD.
From the daily chart, buyers have reversed losses of Apr 23, resulting in a three-bar bullish reversal pattern.
Still, volumes are lower compared to those of mid-Apr 2021.
LRC/USDT Price Prediction
The reversal of Apr 23 losses as trading volumes picks up from around the 78.6 percent Fibonacci retracement level may be enough evidence of a turnaround.
Accordingly, aggressive LRC/USDT traders may load up with targets at $0.70—the 23.6 percent Fibonacci of Q1 2021 range.
Sharp losses below $0.40 may see sellers wipe out gains of Q1 2021 as LRC crumbles to $0.30—the first bear target.