The last 24 hours saw a surging performance by leading layer 2 zkRollup protocol’s native token, Loopring [LRC]. Data from cryptocurrency social analytics platform LunarCrush revealed that the asset’s price rallied astronomically by 52%. LRC the traded at a high of $0.41 during 4 November’s intraday trading session. Here’s AMBCrypto’s Price Prediction for Loopring [LRC] for […]
LRC recorded its highest daily volume traded in the past six months on 4 November at $728.84 million, according to data fromThe sudden spike in LRC’s price caused the altcoin to be overbought. At the time of writing, its Relative Strength Index sat at 71, while its Money Flow Index was pegged at 87.
At overbought highs, buyers are typically unable to support any further price growth. Hence, they only mean one thing – an imminent price reversal. Also observed on a daily chart was the position of the asset’s Chaikin Money Flow . At press time, this key indicator’s dynamic line was positioned in a downtrend, below the center line at -0.08. With the growth in LRC’s price in the last 24 hours, the position of its CMF created a divergence. This is usually read as a price signal. Hence, it seemed evident that sellers were gearing up to overtake the market.
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