The Loopring price is hovering near its all-time high as demand for the digital currency keeps rising. LRC price has jumped by more than 22% in the past 24 hours and is trading at $1.6085. It is a few points below its all-time high of $1.9315, bringing its total market capitalization to more than $2.1 billion.
Loopspring is a blockchain zkRollup layer 2 blockchain project that helps developers accelerate their Ethereum-built projects. It is specifically built to support decentralized platforms in the payments industry.
Loopring key product is the Loopring protocol, which is an open-source platform that is made up of a collection of smart contracts and ZK circuits. Its implementation layer is known as the Loopring relayer that implements the backend. The Loopring layer 2 app is a high-performance non-custodial AMM platform. LRC is the native token for the Loopring network.
The Loopring price has jumped sharply in the past few weeks as investors bet that it could become a good alternative to Polygon. Polygon is a layer 2 platform that helps to accelerate applications built on Ethereum’s blockchain.
The four-hour chart shows that the Loopring price has been in a strong bullish trend in the past few weeks. The bullish trend accelerated when the price moved above the key resistance level at $0.7440, which was the highest level on August 21. The coin has risen by more than 115% since then. It is still above 25-day and 50-day moving averages.
Notably, the coin is attempting to test its all-time high. A closer look shows that it is about to form a double-top pattern, which is usually a bearish sign. Therefore, at this point, bulls will need to move above the all-time high at $1.9315. A move above that level will open the possibility of the coin rising above $2.00.
This post was last modified on Nov 08, 2021, 15:10 GMT 15:10