Loopring Price Prediction: Is the $1 Price level Possible?

Summary:

Loopring is up by eight per cent since the month of May started. However, in today's trading session, the cryptocurrency is down by 1 percent

Loopring is up by eight per cent since the month of May started. However, the cryptocurrency is down by almost a percentage point in today’s trading session. Loopring is also looking highly likely to continue with the downward trend during the entire trading session.

Despite May showing bullish signs, today’s trading session is resuming a long time, resulting in a 64 per cent price drop in 2022. Looking at the price action for April, Loopring also lost over 40 per cent of its value.

The current Loopring price drop also comes amidst a string of good headlines and developments in the platform. This month, a report indicating the release of its Beta edition for Gamestop’s NFT marketplace was released. Although the news likely did not translate to market movements, the partnership is likely to net the Loopring new users. As a result, it is also highly likely that, as the Beta edition gains traction, the price of Loopring will rise as trading volume surges.

Loopring Price Prediction

Loopring dropped by more than 40 per cent in April. However, May is showing bullish signals, pointing to the likelihood of the prices recovering. However, in today’s trading session, the cryptocurrency has dropped by almost one per cent. The chart below also shows the likelihood of Loopring closing even lower than the current price of $0.74.

However, even with today’s trading session showing a likelihood of the prices continuing to drop, it is likely that Loopring is experiencing a trend reversal. Looking at the RSI indicator, we can see divergence. However, the indicator also has a reading of oversold, which in most cases results in a bullish move.

Therefore, my Loopring price prediction expects the prices to resume the recently established bullish trend. There is a very high likelihood that the current price rise is not a correction but a trend reversal. With the current prices bouncing off from the $0.65 support level, there is a high likelihood that the prices will hit the $1 resistance level.