• LRC, the Loopring network’s native token, has been hit harder than many other altcoins as the broader crypto market appears to be consolidating once more.
• Prices have dropped and the technical strength of LRC is affected with MA indicators standing far above its price.
• Loopring’s software seeks to incentivize a global network of users to develop new types of cryptocurrency exchanges using its own LRC token.
LRC Price Prediction: Is a Rally on the Way?
The crypto market appears to be consolidating once more and coins are losing steam. This has caused prices to drop significantly, and Loopring’s native token, LRC, has been hit especially hard. The asset’s technical strength is also affected as moving average (MA) indicators stand far above its current price. Despite this slump in price, can investors expect a rally for the asset?
Recent Developments from Traditional Economy
Recent developments from the traditional economy have left investors with mixed sentiments and while some attempted to rebound after news was released, it seems likely that prices will continue dropping for now. Overall, the entire market is down by 0.97% in the past 24 hours and LRC itself is experiencing a downtrend of 5.60%.
Technical Strength of LRC Affected
As expected by many investors, this downward trend has had an adverse effect on LRC’s technical strength as well. The 10-day MA indicator currently stands at $0.5071 while its 200-day MA is at $0.4178 – both are far above its current price which sits at $0.4062 at time of writing this article. Depending on how long recovery takes for the crypto market overall, investors may need to wait until prices surge enough before they can break through these MA barriers again. Additionally, MACD shows that there is a sell signal coming from LRC and RSI stands at 36.74 – indicating that it is underbought right now and any short-term rally could prove bullish for investors looking to buy in soon enough before prices rise again..
What Does Loopring Do?
Loopring is an Ethereum-based software protocol that works towards incentivizing global users into developing new types of cryptocurrency exchanges so that transaction latency and high costs associated with decentralized exchanges can be avoided through their use of zero-knowledge (ZK) rollups technology instead . It does so mainly by utilizing its own native token called ‘LRC’ as fuel for operations on their platform protocol/network .
Overall , despite recent downtrends seen in coin prices due to consolidation withinthe broader crypto market , there may still remain hope yet for those who believein investing in Loopring’s native asset – LRC – due to its potentialfor short-term rallies given it being underbought right now . Investors should pay attentionto any updates regarding both Loopring itself or even news fromtraditional economies , as these could greatly affect future prospectsregarding profits made off investing in crypto assets like this one .