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Loopring price recovery has been among the success stories coming out of the recent cryptocurrency crash. Starting May 12, 2022, Loopring prices started to surge and, at one point, doubled in price. However, the last two days have seen prices starting to fall again. Loopring has recorded a five per cent price drop in today’s trading session. The drop is also a continuation of a bearish trend that started in the late hours of yesterday’s trading session.
When the cryptocurrency industry went into a slump early this month, many would not have anticipated that Loopring would be among the fastest to recover. However, recent fundamentals, such as the Gamestop’s launch of a self-custodial wallet on Loopring L2, ensured that the crypto became among the fastest to recover. In addition, loopring investors are also restrained from selling and exiting their positions. Therefore, despite the aggressive cryptocurrency industry drop, the Loopring project still had a huge investor base. Recent data shows more than 66 million LRC worth about $41 million, indicating that new investors are still coming into the platform.
Loopring has been a success story throughout the current cryptocurrency bear market. Despite today’s trading session recording a five per cent drop, the crypto had managed to double in price in the past two weeks. Loopring was also looking very likely to move past the $0.7 price level before the current price drop.
However, despite today’s drop in the market prices are likely to resuming the bullish trend. The current price drop is also likely a price correction after a huge surge in price. Looking at the chart below, there is a likelihood that the current bounce from the support level of $0.32 will likely see the prices continue pushing upward, with an over $1 price level.
However, should today’s trading session close below $0.4960, then my bullish trend will be invalidated. It will also mean a bearish trend is likely to continue. Finally, it will also mean a possible resumption of a bearish trend.
This post was last modified on %s = human-readable time difference 16:10