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Loopring is down by almost a percentage point in today’s trading session. The drop is a resumption of the long-term bear market that has resulted in prices dropping by 23 per cent in the past week.
Loopring is down by 5 per cent in July, with much of the current drop coming in the past few days. Earlier this month, Loopring started to show signs of a recovery. At one point during the month, Loopring was up by 25 per cent, reaching a price high of $0.477.
However, starting on July 20th, the prices started to come down, dropping by more than 20 per cent to the current price of $0.36. The trend also looks aggressively bearish, and the month is likely to continue seeing the prices fall. Part of the reason why we have seen prices continue to fall for the past week is due to the cryptocurrency industry taking a bearish trend.
For instance, during yesterday’s trading session, the global cryptocurrency market capitalization fell below $1 trillion. Although Loopring traded against the general trend and closed with a percentage gain in the markets, the drop highlighted what may be in store for the industry. If the industry continues to drop, we are likely to see Loopring also continue to drop.
Looking at the daily chart below, there is a high likelihood that the current drop is a resumption of the long-term bearish trend. Therefore, my Loopring price prediction expects the prices to continue dropping for the next few trading sessions. There is a high likelihood that we will see prices approach the $0.32 support level, and possibly hit it.
If the current downward trend has enough momentum, then I expect the prices to drop as far down as below the $0.30 price level. My analysis will, however, be invalidated if the prices surge and trade above this month’s opening price of $0.38. At that point, the likelihood of a Loopring price recovery will be high.
This post was last modified on Jul 27, 2022, 16:17 BST 16:17