Loopring Price Prediction: On the Cusp of a Big Move

Summary:
• The Loopring price has moved sideways in the past few days as consolidation in the cryptocurrencies industry continues.

The Loopring price has moved sideways as consolidation in the cryptocurrencies industry continues in the past few days. LRC is trading at $0.4900, where it has been in the past few days. This price is about 57% from the lowest level last week. The coin’s market cap has moved to about $610 million, making it the 96th biggest cryptocurrency globally.

Loopring is a blockchain project that is in the decentralised finance industry. It is a platform that uses zero-knowledge (zk) technology to accelerate the performance of asset trading. With it, people are able to save transaction costs and even make money by investing in liquidity pools in its ecosystem. For example, holders of the ETH/USDC pair earn an APR of 5.35%, while those of LRC/ETH earn 4.27%. 

Loopring and other cryptocurrency prices have struggled in the past few days as investors worry about the situation in the market. The biggest worry was the dramatic collapse of Terra and its multi-billion dollar ecosystem that includes Anchor Protocol and Lido. The coin has also declined as the volume of cryptocurrencies decline. The recent Coinbase earnings evidenced this.

Loopring price prediction

The four-hour chart shows that the LRC price has moved sideways in the past few days. However, a closer look shows that the coin has formed a symmetrical triangle pattern that is shown in black. With the triangle nearing its confluence level, there is a likelihood that the coin will have a breakout in the near term. 

The challenge now is predicting the direction that the coin will breakout in. A move above the key resistance level at $0.55 will mean that bulls have prevailed. On the other hand, a drop below the support at $0.45 will mean that there are still sellers in the market. As such, it will raise the possibility of the coin moving to the lowest level last week.