Loopring LRC cryptocurrency symbol, logo. Business and financial concept. Hand with smartphone, screen with crypto icon closeup
Loopring price has continued its bearish momentum as cryptocurrencies recoil. The LRC token is trading at $0.3631, which is slightly above the year-to-date low of $0.3234. This price is about 90% below its highest point in 2021. As a result, its total market cap has crashed to just $457 million.
Loopring is a well-known layer-2 scaling blockchain project that has been around in the past two years. Its goal is to simplify how people buy, sell, and swap cryptocurrencies. As a layer 2 platform, Loopring ensures that transactions are implemented in a significantly cheaper manner. Loopring has also introduced investment solutions that uses automated market maker (AMM) tools.
Loopring price has dropped as the volume of cryptocurrencies traded on a daily basis drop. Most people who invested and traded cryptocurrencies in 2021 have simply moved away from the sector.
Most recently, Loopring entered the non-fungible token (NFT) industry. Through its platform, one can easily mint and trade NFTs at a faster and cheaper maner. Its NFT platform has become well-known for powering GameStop’s NFT marketplace.
In a tweet this week, GameStop announced that it had launched the beta version of its marketplace. Shortly after launch, the marketplace transacted over $3 million of NFTs. Therefore, analysts believe that more companies will use its technology to power their NFTs.
The daily chart shows that the LRC price has been in a strong bearish trend in the past few months. As it dropped, the coin found substantial support at $0.3234. It has struggled to move below this price several times this year. The shares remain below the 25-day and 50-day moving averages while the Average True Range (ATR) has pulled back.
Therefore, the pair will likely have a bearish breakout in the near term. If this happens, the next key support level to watch will be at $0.25, which is about 25% below the current level. A move above the resistance point at $0.50 will invalidate the bearish view.
This post was last modified on %s = human-readable time difference 09:22