Loopring price continued surging during the weekend as demand for the layer-2 token rose. LRC rose to a high of $0.4935, which was the highest point since June 10th of this year. It has risen by over 56% from its lowest point this year, bringing its total market cap to over $608 million. It is the 87th biggest cryptocurrency in the world.
Loopring is a zero-knowledge (zk) roll-up platform for trading and settlement. It is a highly secure, open-sourced, audited, and non-custodial exchange and payment protocol. As a result, the platform offers trading at an extremely low cost while supercharging its throughput. Its primary product is a platform where people can trade and invest in digital assets like cryptocurrencies and NFTs at significantly lower costs.
Loopring price has done well in the past few weeks because of the performance of the cryptocurrency market. Recent data shows that most coins are significantly above their lowest levels this year. As such, investors believe that this performance will lead to more volume in Loopring.
Another reason for the rally is that the Ethereum merge will happen in the next few weeks. This merge will push layer 2 networks to also supercharge their speeds and reduce costs.
The four-hour chart shows that the LRC price has been in a strong bullish trend in the past few weeks. As it rose, the coin managed to move above the important resistance point at $0.4775. This price was the highest point on June 20th. It has moved above the 25-day and 50-day moving averages. The Relative Strength Index (RSI) has moved to the overbought level.
Therefore, this bullish breakout means that the coin will likely continue rising as bulls target the next key resistance at $0.550, which is about 13% above the current level. A drop below the support at $0.477 will invalidate the bullish view.
This post was last modified on %s = human-readable time difference 09:08