- The Loopring protocol witnessed new users .
- The TVL of LRC stands at $89.112 million.
- The trading volume has declined by almost 12%, amounting to $28 million.
The Loopring (LRC) experienced the entry of new users, which drastically increased in the past 30 days. The sudden shift in interest could be because of the unstable situations in the market where every day, new exchange files for chapter 11 bankruptcy, and every other wallet gets a hack attack. The coins that have maintained stability during these tough times have attracted new users as they prove to a shed on a sunny day. With a positive ROI of 424.12%, LRC holds high hopes for the holders.
It recently announced that its major proposal is up for proposing, it being “should LRC staking be added to Loopring Earn on Loopring L2?”.
Our first major proposal is now open for voting
Should LRC staking be added to Loopring Earn on Loopring L2?
Make your voice heard + vote count now
https://t.co/ImxXFvAGL0 https://t.co/oF7gWEUdkW
— Loopring
(@loopringorg) December 2, 2022
Get looped in figures
The LRC price is moving, forming a falling parallel channel with price consolidating for a long time, now planning to surge. The prize aims to rise to $0.5 and mark a breakthrough. The OBV also forms a rising slope indicating a price rally as it may be a positive volume pressure. The stated movement could be seen once the voting ends and the holders see the project’s potential.
The CMF indicator floats akin to the baseline trying hard to cross and mark an uptrend. The MACD indicator diverges to form a bullish swing but still functions below the zero-mark histogram. The RSI slopes up, standing at a range near the 50 mark.
The peephole
The LRC price, in the closer timeframe, shows a steady uptrend being formed. The MACD indicator converges to end the bear market and transform it into a bullish market. The RSI indicator oscillates between 50-70 and indicates active buyers. The CMF indicator revolves around the 0-mark base, marking the market neutral.
Conclusion
The market is very favorable for the investors as new projects are in line, and it may uplift the protocol for the holders to reap higher gains in the future. The new voting may bring extra drama as it can turn the price to any side, which will only be revealed once the voting ends.
Technical levels
Support levels: $0.2145 and $0.1760
Resistance levels: $0.3110 and $0.3760
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/12/05/loopring-lrc-forming-loops-to-surge-prices-may-rise-in-future/