Loopring Continues To Make New All-Time Highs: Here's What To Watch

Loopring LRC/USD is flying higher and reached new all-time highs on Monday. The cryptocurrency is moving on rumors of a possible NFT partnership with GameStop Corp. GME.

The coin has been moving up the past few days and is now up 239% since the beginning of November, while Dogecoin DOGE/USD sits near a 0% gain since the beginning of the month.

Loopring is up 46.79% at $2.08 at last check Monday afternoon at publication.

Loopring Daily Chart Analysis

The crypto is flying higher after rumors of the partnership with GameStop and gained more than 50% on Monday.
The crypto looked to have a previous resistance near the $1 level, later also finding support near this level. The $1 level is a key psychological level and somewhere that could hold again as support in the future. Resistance can be determined after the crypto finishes making its run.
The crypto trades above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the crypto is seeing bullish sentiment.
Each of these moving averages may hold as an area of support in the future.
The Relative Strength Index (RSI) has been flying higher as the crypto has been breaking out and sits at 85 on the indicator. This shows that the stock is seeing a large increase in the amount of buying pressure, and now heavily outweighs any selling pressure.

What’s Next For Loopring?

Bullish traders are looking to see the crypto continue to power higher and extend its run. Eventually, if the crypto cools off, then bulls would like to see a period of consolidation where Loopring can hold its gains to possibly see further bullish pushes.

Bearish traders are looking to see the crypto start to turn around and lose steam on the RSI. Bears are then looking to see the price fall and be able to fall back under $1, this could let the stock see a further strong bearish push following the break.

Photo: Loopring

Market News and Data brought to you by Benzinga APIs