Loopring has had an amazing run up the last 2 weeks with a 100% increase from the bottom of 920 sats on 11/20. Does this coin have another leg up?
LRC continues to stay above the red 100 day MA on the hourlies during this leg up. Price range is staying within the channel that I have drawn.
So why do I think this coin has a little more steam left?
I believe it will make a move similar to BQX. Similar conditions are present with LRC.
1. Bithumb just announced that they will be opening deposits/withdrawals on their site for loopring.
2. There is a 4:1 price difference between the Bithumb price and Binance price. The current price on bithumb is .32 usd.
3. A long in the tooth rally with most traders thinking this leg has reached its end with 3 attempts at breaking above resistance failiing. Traders are ready to go short then experience a squeeze.
This is a pretty good arbitrage opportunity for any Korean trader to take advantage of that will keep this rally going. Coupled with the low cap and volume this coin might really pop once the deposits open. Obviously the arbitrage opportunity will be short since parity will be reached rather quickly after deposits are opened.
Please comment or hit the like button if you agree.
*all ideas are for my own record keeping.
LRC continues to stay above the red 100 day MA on the hourlies during this leg up. Price range is staying within the channel that I have drawn.
So why do I think this coin has a little more steam left?
I believe it will make a move similar to BQX. Similar conditions are present with LRC.
1. Bithumb just announced that they will be opening deposits/withdrawals on their site for loopring.
2. There is a 4:1 price difference between the Bithumb price and Binance price. The current price on bithumb is .32 usd.
3. A long in the tooth rally with most traders thinking this leg has reached its end with 3 attempts at breaking above resistance failiing. Traders are ready to go short then experience a squeeze.
This is a pretty good arbitrage opportunity for any Korean trader to take advantage of that will keep this rally going. Coupled with the low cap and volume this coin might really pop once the deposits open. Obviously the arbitrage opportunity will be short since parity will be reached rather quickly after deposits are opened.
Please comment or hit the like button if you agree.
*all ideas are for my own record keeping.
Comment:
Deposits just opened at Bithumb.
Comment:
Parity reached. 20% pop...I've taken my principal out and letting my 20% ride.
Trade closed: stop reached
