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Loopring Price Prediction: LRC Price Struggles With Amid Market Turmoil

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Loopring Price Prediction: LRC Price Struggles With Amid Market Turmoil
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Loopring is an Ethereum based cryptocurrency DEX which is recording a healthy rate of adoption among the investors. Loopring is built on the layer 2 zk rollups and builds infrastructure and user facing products. The ecosystem also inherits 100% ethereum Ethereum-level security and does not rely on the external validators. They also solve the scalability issue without compromising the security of the network. Meanwhile, the cost per transaction has also seen a great reduction as compared to Ethereum.

Loopring has a TVL of $100 Million which has seen a decrease from the past few months. The protocol has a throughput of 2025 trades per second which is very high as compared to others. The median APY of LRC has been seeing a surge in the past few days as per defilama. The total number of wallets of the LRC has been increasing steadily..

Loopring has a market cap of $324 Million and is ranked 96th on CMC. The volume of LRC observed a slight drop in the intraday session. The V/M ratio of LRC suggests a consolidated trend in price.

Will LRC Price See A Momentum To $0.2?

Loopring Price Prediction: LRC Price Struggles With Amid Market Turmoil

Loopring price is currently moving in a bearish momentum on the weekly technical chart. On the daily chart,it is trading near the value of $0.244 with a drop of 4.15% in the intraday session. LRC price is moving in a bearish momentum on the daily chart. The upside trend of Loopring can see a halt near the value of $0.3. Meanwhile, the downside trend of Loopring can see a bounceback from $0.2. LRC price is trading below the 50 and 100 Daily Moving Average. There can be a negative crossover in the future which can push the price down.

The RSI of LRC is near 29 suggesting its presence in the oversold zone. There is a negative slope in it suggesting a bearish momentum in price.

Summary

Loopring Price observed a bearish move due to the turmoil in the crypto market. LRC price is currently struggling to see a recovery but can move to a new high in future.

Technical Levels

Major Support:$0.2

Major Resistance:$0.3

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

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