Today is looking poised to be the third trading session that Loopring price is gaining in the markets. The bullish lean comes days after a long-term bearish move which started on March 31, 2022, saw the prices drop by over 30 per cent.
In the past few weeks, Loopring has been making market moves that may restore investors’ confidence in the cryptocurrency. This includes the deal with GameStop, which is currently in Beta Version. Just recently, GameStop announced that the beta version of the NFT driven by Loopring L2 was operational, and users can start using the platform. The deal will see Loopring gain popularity and increase its trading volume. This will also likely see its position in the cryptocurrency market improve.
The technology that Loopring uses has also become a major reason why investors are confident with the project. Loopring is based on the Layer 2 scaling protocol for decentralized exchanges. This allows the project to provide scaling solutions so that decentralized applications can process more transactions. To achieve this, Loopring uses zk-rollups to bundle transactions together off-chain and then process them on the Ethereum blockchain. This technology attracts users who want fast and inexpensive transaction costs, which make up the majority in the cryptocurrency industry.
The past few weeks have seen the Loopring price drop by more than 30 per cent. However, the past two trading sessions have seen the prices recovering, with the cryptocurrency gaining 9 per cent. In today’s trading session, the bullish move, though weak, looks poised to continue, with the crypto recording less than a percentage gain in the market to trade at $0.925.
Looking at the daily chart below, I expect the current bullish move to continue. My Loopring price prediction expects the prices to trade above the $1 psychological level in the next coming days. There is also a high likelihood that the current bearish move is a trend reversal.
This post was last modified on Apr 14, 2022, 09:26 BST 09:26