Key highlights:

  • Loopring saw an incredible 58% price explosion over the past 24 hours as it hits the $0.465 level.
  • The cryptocurrency is now up by a whopping 165% over the past week alone.
  • Against Bitcoin, Loopring rebounded from 575 SAT at the start of Jan 2021 and is now trading at 1440 SAT.
Loopring price $0.45
Key LRC resistance levels $0.48, $0.5, $0.564, $0.6, $0.627
Key LRC support levels $0.437, $0.4, $0.371, $0.35, $0.325

*Price at the time of writing

The price of Loopring saw an incredible 58% price surge over the past 24 hours alone – making it the strongest performing cryptocurrency in the top 50 today. In fact, over the past week, Loopring managed to increase by a healthy 165% to hit the current $0.465 level today.

Loopring is an Ethereum scaling solution that utilizes its technology on the second layer of Etheruem. It developed a system called xkRollups, which helps to move the majority of ETH transactions from the main blockchain to the Layer-2 solution.

As you may have already realized, ETH gas fees are quickly rising again. With ETH breaking $1000, it seems that users are flocking back to the ETH network, applying pressure to the main blockchain. In January 2021, it costs almost $30 to send funds across the ETH blockchain. It is costing even more to conduct trades on Uniswap – with some users having to pay up to $60 to make a trade.

With trading costing so much, it leads to a scenario in which lots of users have to sit on their coins rather than having the option to trade – because it becomes too expensive for them.

This is the main reason as to why Loopring has started to explode over the past few days. They allow users to conduct Etheruem trades and swaps without paying the enormous GAS fees because the transactions are routed through the Layer-2 solution.

In early December 2020, the Loopring team announced that they had finally launched their own AMM based on their Loopring 3.6 protocol to act as a rival to Uniswap.

The Loopring AMM implements zkRollups, bringing the ability to conduct gas-free instant swaps on the decentralzied service.

The price bump also allowed Loopring to create new records in volume on their DEX;

Loopring is ranked in the 49th position with a $560 million market cap valuation.

Loopring Coin Price Analysis

What has been going on?

Looking at the daily chart above, we can see that Loopring was pretty quiet during the second half of 2020. The coin struggled to break resistance at $0.277 (bearish .236 Fib Retracement) in September and continued to slowly grind lower from there.

It pretty much sideways between $0.25 and $0.15 in November and December and eventually closed 2020 at a price of around $0.16.

In January 2021, things started to change. On Sunday, LRC started to push higher as it returned to the September resistance at $0.277. Loopring continued to penetrate above this resistance yesterday as it broke above $0.25.

Today, the 58% price explosion allowed LRC to surge beyond $0.4 to break the resistance at $0.437 (bearish .382 Fib Retracement) and spike above $0.5 – reaching as high as $0.522. It has since dropped slightly from this resistance and is now trading around $0.463.

Loopring price short term prediction: Bullish

After breaking the September 2020 resistance, Loopring is now considered bullish. The coin would need to drop beneath $0.277 to turn neutral and would have to fall further beneath $0.15 to turn bearish.

If the sellers push lower, the first level of support lies at $0.4. This is followed by support at $0.371 (.382 Fib), $0.325 (.5 Fib), $0.3, and $0.277. Added support lies at $0.25, $0.213 (.786 Fib), and $0.2.

Where Is The Resistance Toward The Upside?

On the other side, the first level of resistance lies at $0.488 (1.618 Fib Extension). This is followed by resistance at $0.5, $0.566 (bearish .5 Fib), $0.6, and $0.657 (1.272 Fib Extension). If the buyers continue to drive beyond $0.65, additional resistance lies at $0.695 (bearish .618 Fib), $0.763 (1.618 Fib Extension), and $0.8.

What has been going on?

Loopring is in a similar situation against Bitcoin. It had been falling ever since peaking at 2800 SAT in September 2020. From there, it continued to drop lower until support was found at 573 SAT in December 2020 – provided by a .886 Fib Retracement.

In January 2021, the buyers rebounded from the support at 573 SAT as they started to push higher. They broke above a 5-month-old falling trend line and broke above the 200-day EMA at 1100 SAT yesterday.

Today, LRC continued higher and managed to reach as high as 1790 SAT. It has since dropped lower and is trading at 1430 SAT (bearish .382 Fib Retracement).

Loopring price short term prediction: Neutral

Loopring is still considered neutral against Bitcoin and would need to close beyond the November highs around 1500 SAT to turn bullish. On the other side, a break beneath 800 SAT would likely turn LRC bearish against BTC again.

If the sellers push lower, the first level of support lies at 1200 SAT. This is followed by support at 1100 SAT (200-day EMA), 1000 SAT, and 800 SAT.

Where Is The Resistance Toward The Upside?

On the other side, if the buyers can clear 1430 SAT, the first level of higher resistance lies at 1600 SAT. This is followed by resistance at 1700 SAT (bearish .5 Fib), 1800 SAT, and 1975 SAT (bearish .618 Fib). Added resistance is found at 2100 SAT, 2200 SAT, and 2360 SAT.



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