Loopring is a layer 2 protocol operating on the Ethereum blockchain without compromising its security. Loopring is a DeX that uses Zero-Knowledge proofs to have a high throughput. Zk rollups in the Loopring assures that the assets remain in 100% control of the owners every time. Loopring performs most of its operations like order matching and settlements of the Ethereum Blockchain. Users of the LRC token can stake it to become validators and earn rewards for it. The protocol has a very high throughput, making it very efficient for traders. Loopring combines the best of CEX and DEX to make the best platform for their users.
The total number of LRC wallets has reached 335025 wallets and can see more increase in the future. The number of transactions on the ecosystem has also seen a strong decline in the past few weeks as per Dune Analytics. LRC TVL has observed a decline and is currently near $102 Million.
Loopring has a market cap of $379 Million and is ranked 91st on CMC. The market cap to TVL ratio of LRC is near 3.72 with 98% of it circulating in the market. The V/M ratio of Loopring price hints towards a consolidated trend.
Are LRC Price Bears Losing Their Grip?
Loopring has been moving in a bearish range for the past few weeks. The correlation between the LRC and ETH has taken a fall and is currently near 0.41. If the correlation coefficient falls further then a bearish trend in price can be seen. LRC’s price is currently near $0.28 with a consolidated trend in the daily chart.
The upside trend of Loopring can see a halt near the value of $0.322.Meanwhile, the support of asset prices can be seen near $0.2. The asset price is trading below the 50 and 100 Exponential Moving Averages. If a negative crossover happens then it can push the price to a new low in the future.
The RSI of LRC is near 40 with no significant slope in it. The overall sentiment of the RSI is neutral.
Summary
Loopring has observed a decline in TVL along with the active users on the platform. LRC price is currently consolidating but can see a new high in the future.
Technical Levels
Major Support:$0.2
Major Resistance:$0.35
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/05/27/loopring-price-prediction-will-lrc-see-a-rebound-to-0-5-soon/