LRC Technical Analysis: Bearish Trend Approaches $0.70 Mark

LRC coin price experiences an increase in selling pressure with the breakout of the $1 mark. Will the downtrend surpass $0.70? Key technical points: The LRC price falls under the $1 mark. The market price trades below all the crucial daily EMAs. Finally, the 24-hour trading volume of Loopring is $167.88 Million, marking a 105% rise. Past Performance of LRC LRC coin price fails to sustain above the $1.20 mark resulting in a sharp fall to the $1 level, which broke after a few days of consolidation. Today, the prices fell by 7.94% resulting in the bearish breakout of the consolidation range and the psychological barrier of $1. The downtrend accounts for a 32% fall within the past two weeks and showcases a boom in selling pressure, evident by the 100% jump in trading volume. Source-Tradingview LRC Technical Analysis LRC coin price shows an ongoing downtrend below the $0.900 with the growing bearish engulfing candlestick. Moreover, the lack of any significant support level before $0.73 indicates a 15% downtrend possibility. The crucial daily EMAs maintain a bearish alignment, with the 50-day EMA failing to halt the downtrend. Hence, the EMAs regain their resistance status with the fallout and will now provide opposition to future bullish attempts. RSI Indicator: The RSI slope continues the downtrend that started after the failure to spike into the overbought zone. The 14-day average line gets influenced by the bearish retracement r...