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Cryptocurrencies

Loopring Price Prediction: LRC Bulls Are Very Much In The Game

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Written By: Abdullah Sarwar

Aug 12, 2022, 18:09 BST 18:09

Loopring (LRC) Abstract Cryptocurrency. With a dark background and a world map. Graphic concept for your design.

Summary:

A Loopring price prediction of $0.67 is likely to be met if the price gains acceptance above $0.50 level. LRC price is 40% up from June low.

Our Loopring price prediction needs a volume increase to flip bullish. Although LRC crypto has created higher highs on the 4H timeframe, it is yet to break the bearish market structure. The price needs to break above the $0.60 level to get a short-term bullish outlook.

Loopring is a layer 2 Ethereum scaling solution powered by zkRollups. The protocol intends to reduce the congestion on the main Ethereum blockchain by providing a low-cost alternative. In this way, LRC lets users avoid costly gas fees while also getting the same security as the mainnet. You may trade crypto as well as mint NFTs on Loopring quite seamlessly.

According to Loopring news, Gamestop NFT is now live on the Ethereum L2. This NFT market would enable the NFT minting and trading at 100x lower costs than the Ethereum blockchain. Users would need to sign in first with their L2 wallets. They can simply connect their Gamestop wallets with the Loopring L2. You can trade LRC on top crypto exchanges like Binance.

Despite being equipped with great tech, there is still very little network activity on Loopring. Consequently, the native asset of the network LRC price has immensely underperformed as compared to the top L2 solution known as Polygon.

Loopring Price Prediction

Technical analysis of the LRC USD price chart shows that the price has found strong support around the $0.35 level. The price has been creating higher lows since its June low but couldn’t get much momentum. In case of a significant volume increase, the price could tag its 200-day moving average, which currently lies at $0.67. This price level also coincides with the 23^rd May high.

Loopring price prediction might become extremely bearish if the price breaks its $0.35 support. In such an event, the price is likely to retest its $0.18-$0.20 support. However, such a bearish move is only possible if the Bitcoin price breaks below $20k once again.

Loopring Daily Chart

Loopring Price Chart (1D)

This post was last modified on Aug 12, 2022, 18:10 BST 18:10

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.