- LRC TVL has seen a drop from $785 Million to $115 Million in the past few months
- Technical indicators of LRC favor a consolidated trend in price.It is down by 0.96% in the ETH pair
Loopring is a decentralized exchange protocol that operates on the Ethereum blockchain. They aim to provide a more efficient solution for the current crypto exchanges. The Loopring protocol enables users to trade digital assets with one another and have control of their funds. The network does this by utilizing smart contracts and off-chain order books. It is an open-source noncustodial protocol with zk rollups. It has a very high throughput and is highly scalable. Loopring transactions and other operations happen off the ETH blockchain which reduces gas consumption. The protocol can settle up to 2025 trades per second. Daniel wang is the current CEO of Loopring Foundation who was also a software engineer. LRC has seen a significant drop in the TVL in the past few months. They have 168600 token holders which can increase in the future. LRC is currently down by more than 91% from its all-time high but can see a recovery to a new high.
Loopring has a market cap of $458 Million and is ranked 89th in the CMC as per its market cap. The volume of the asset price has seen a drop of 32% in the intraday session. The volume-to-market cap ratio of LRC suggests a consolidated trend in price.
Is LRC Heading For $1?
The weekly technical chart of Loopring hints towards a strong struggle between the bulls and bears.It is currently in a consolidated trend on the daily chart. LRC is currently trading near the value of $0.34 with a drop of 0.98% in the intraday session. The upside trend of LRC can see a halt near $0.5. Meanwhile, a bounceback in the asset price can be seen near $0.3.It is trading below the 50 and 100 Daily Moving Averages. They can act as a resistance for the price in case of an upside trend.
The RSI of LRC is near 45 suggesting its presence in the neutral zone. The overall sentiment of RSI is neutral.
Summary
Loopring correlation with the ETH has been stagnant for the past few days.LRC is currently in a consolidated move but can test a new high in the future.
Technical Levels
Major Resistance:$0.4
Major Support:$0.3
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. 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/2023/04/30/loopring-price-prediction-lrc-takes-a-pause-near-0-35-is-a-rally-to-1-near/