Loopring is a decentralized cryptocurrency exchange protocol that has gained significant attention in the world of cryptocurrencies. The platform is built on the Ethereum blockchain and is looking to remove the traditional challenges of Centralized exchange. Loopring also offers a unique solution to the problem of liquidity with a process called “ring matching.” It combines multiple orders into a single transaction and potentially reduces the trading fees. The founder and current CEO of Loopring Foundation is Daniel Wang, and he is based in China. Loopring is open-sourced and has a very high throughput. The transactional volume of LRC has seen a decline from a high of 42 Million in Jan 2023 to a low of 2 Million in May.
There are over 168468 holders of Loopring, and it may observe a rise in the future. Meanwhile, LRC is also gaining a strong adoption and may see a rise in it.
Loopring is currently ranked 92nd in the crypto verse and has a market cap of $391,203,996.The volume of the asset price has seen a slight surge. The V/M ratio of LRC suggests a consolidated trend in price.
Will LRC Be Able To See A Strong Recovery?
The weekly technical chart of Loopring price hints towards a consolidation. On the daily chart, LRC is looking to see a strong recovery for a new high. It is currently trading near the value of $0.29, with a gain of 0.23% in the intraday session. The correlation of ETH with LRC is near 0.85, which can observe a rise. The upside momentum of Loopring can see a halt near the value of $0.35. On the other hand, the downtrend of the LRC price can see a bounceback from $0.25. The asset price is currently trading below the 50 and 100 Daily Moving Averages. There is a negative crossover in the DMA which can push the price down.
The RSI of the asset price is near 38, suggesting its presence in the oversold zone. The overall sentiment of the RSI is weakly bullish.
Summary
Loopring is currently observing a decline in the overall transactional volume in the past few months. LRC is currently seeing a weak recovery but can push to a new high in 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. They 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/2023/05/17/loopring-price-prediction-will-lrc-price-see-a-rebound-to-0-5/