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- LRC recently recorded a massive spike in volume, as per CMC. The asset price is up by 4%.
- Technical indicators favor an upside momentum in price. LRC/ETH pair is up by 4.38%.
Loopring is an open-source, non-custodial exchange and payment protocol built on Ethereum. Loopring is highly scalable and performs most of the operations on the Ethereum blockchain. They can settle up to 2025 trades per second with high security. They use zk (zero knowledge) Rollups, which correctly execute the transaction off-chain. Daniel Wang developed it. He was a senior software engineer at Google and has worked with various tech giants. Loopring wants to bring a hybrid protocol with the advantages of decentralized and centralized exchanges.
The number of LRC holders has remained the same in the past 30 days and is near 168.1k. LRC has a TVL of $128.2 Million. As per Dune analytics, the number of transactions through LRC declined in the past few days. The top 10 holders of LRC hold more than 40% of the total supply.
Loopring has a market cap of $548 Million and is ranked 86th in the crypto-verse. The volume of LRC rose by 120% in the past 24 hours, as per CMC. The volume-to-market cap ratio of the digital asset suggests a weak upside trend.
Is LRC on its Way to $1?
The weekly technical chart of Loopring hints towards a weak upside trend in price. It has been forming bullish candles on the daily chart to push the price. LRC is trading near the value of $0.41 with a gain of 2% in the intraday session. Resistance of the asset price can be seen near $0.5. Meanwhile, the support of the asset price can be near $0.3. It is trading above the 50 and 100 Daily Moving Averages. There can be a positive crossover in the future, pushing the price to a new high.
The RSI of LRC is near 68, suggesting its presence in the overbought zone. There is a positive slope in it, hinting towards a bullish trend in price
Summary
Loopring observed a 120% gain in the volume, pushing the price a little. LRC is currently observing a weak upside trend and can move to a new high in the future.
Technical Levels
Major Support: $0.3
Major Resistance: $0.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
