- Summary:
- After sliding 15% lower on Monday, the Loopring price is remarkably quiet so far today. But something tells me that won't last for long.
After sliding 15% lower on Monday, the Loopring price is remarkably quiet so far today. But something tells me that won’t last for long.
Loopring (LRC) was one of the best performing digital assets in November when the LRC token jumped 520% in 10-days to a record high of $3.850 following news that Gamestop planned to use the protocol to launch NFT’s. However, last month’s hype surrounding everything NFT and Metaverse related has evaporated during the previous four weeks. Subsequently, LRC’s price action has been highly volatile, and by December 4th was 57% lower at $1.600.
A surge in dip encouraged an immediate 70% bounce to $2.9600s. However, as I warned in my report on the 7th:
“ I feel the current rally may soon run aground. Therefore, I prefer to enter short positions scale-up between $2.500 and $3.000 and close on a retracement into the $1.700-$2.000 range”.
This morning, LRC is trading close to the top end of my predicted range. However, considering the general market weakness, I now feel the price could exceed my lower estimate.
LRC Price Analysis
In my opinion, if the cryptocurrency market rout gains pace, the Loopring price could retrace the majority of the November gains. In that event, a logical downside destination is the 100-Day Moving Average at $1.307.
On the other hand, if the market stabilises, a daily close above yesterday’s high of 2.472 will alleviate the immediate pressure. On that basis, below $2.470, I am bearish, with a price target of $1.307. However, a daily close above $2.470 invalidates the pessimistic view.
Loopring Price Chart (daily)
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