LRC Technical Analysis: Bearish Pattern Drives Prices Below $0.70

The LRC coin price gives a head and shoulder pattern breakout resulting in a 25% downfall over the past 30% downfall in the last week. Under the influence of a death crossover, the LRC coin price falls below the $0.85 zone resulting in the head and shoulder fallout. The neckline breakout dives below the $0.74 support level and hits the $0.65 mark. Will the downtrend continuation reach $0.50? Key technical points: LRC coin price breaks $0.85 support zone. The EMAs give a death cross in the daily chart. The 24-hour trading volume in the Loopring token is $244 Million, indicating a 41% rise. Past Performance of LRC The reversal from the $0.75 showcased the LRC coin price resonating between the $0.85 and $1.20. The resonance led to the head and shoulder pattern formation with the neckline at $0.85. On 20th February, the sudden surge in the bearish wave resulted in the breakdown of $0.85 and resulted in a $0.75 retest. Today, the post-retest downtrend continues to reach the $0.65 mark. Source-Tradingview LRC Technical Analysis The $0.85 retest drove the LRC coin price lower and continues to fall with increasing selling pressure evident by rising in trading volume. That is why the bearish engulfing candle gives an impression of prices closing below the $0.60 mark. The crucial 50, and 200-day EMAs showcase a post-death cross-falling trend that imprints bearish influence on the trend. Moreover, the negative slope of the 100-day EMA in...