Category: Loopring

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Binance Coin Crypto News Loopring Market Analysis Solana Trading

Top 3 Coins to Watch Today: BNB, SOL, LRC – May 30 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Binance Coin (BNB)

Binance BNB is the biggest cryptocurrency exchange globally, based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of world financial activity. Aside from being the largest cryptocurrency exchange, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. Binance Coin is an integral part of the successful functioning of many of the Binance sub-projects.

BNB Price Analysis

At the time of writing, BNB is ranked the 5th cryptocurrency globally and the current price is US$303.12. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a 45% decline from early May, BNB has ranged between $280 and $335. The recent price recovery was approaching probable resistance near $340 but could be aiming for stops above the relatively equal highs near $356. Continuation of the trend could target the daily gap near $374.

Aggressive bulls might add to positions near $301 and $294. Price action near $390 may be more likely to provide support – if it gets there – during any retracements.

Relatively equal lows clustered around $285 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $273.

2. Solana (SOL)

Solana SOL is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralised app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.

SOL Price Analysis

At the time of writing, SOL is ranked the 9th cryptocurrency globally and the current price is US$44.86. Let’s take a look at the chart below for price analysis:

Source: TradingView

SOL has retraced 85% from its April highs and reached possible support last week near $40.34. Resistance might begin near $58.34, which has confluence with the 9 and 18 EMAs.

A more substantial rally might reach near the swing high at $64.23 and the 40 EMA. This high is less likely to break if bears plan to continue the downtrend without a lengthier consolidation.

While not highly probable in the current market conditions, a more animated move upward could reach a wide resistance area between $67.42 and $70.94. This zone is where the last movement down accumulated positions before breaking down. 

Possible support rests near $40.34, which showed sensitivity on the last test. While it could provide support again, the higher-timeframe bearish trend is more likely to propel the price into an inefficient area between $38.10 and $36.54. If the price reaches this zone, the Q1 2021 swing high near $33.12 might mark a more sensitive level.

3. Loopring (LRC)

LRC is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralised crypto exchanges. Loopring’s purported goal is to combine centralised order matching with decentralised on-blockchain order settlement into a hybridised product that will take the best aspects of both centralised and decentralised exchanges.

LRC Price Analysis

At the time of writing, LRC is ranked the 68th cryptocurrency globally and the current price is US$0.4885. Let’s take a look at the chart below for price analysis:

Source: TradingView

LRC lifted off last week, with the impulse sweeping the new swing highs into resistance up to $0.6534.

If the price retraces now that it has taken highs, aggressive bulls could look for entries at the recently broken resistance between $0.5106 and $0.4650. A deeper retracement that fills the gap down to the monthly level at $0.4460 provides a better entry, with any quick drops near the monthly open at $0.4058 providing the most favourable entries.

Continuation through the current resistance around $0.6419 is likely to explode through the remaining daily highs stacked up to $0.7328. There’s no telling how far the price could go beyond these new monthly high prices.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Crypto News Ethereum Loopring NFTs

GameStop Launches its Own ETH-Based Wallet for NFTs and Crypto

Electronics retail giant GameStop has launched a cryptocurrency and NFT wallet to pivot into the digital assets world. The wallet is an Ethereum-based browser extension – similar to MetaMask – and is available for download at the Chrome Web Store.

Gamestop NFT Wallet

NFT Marketplace to Launch in July

The wallet is self-custodial, allowing users to store and transfer several cryptocurrencies. It will also support NFT trading on GameStop’s upcoming NFT marketplace, expected to launch in early July.

As Ethereum transactions are synonymous with expensive gas fees, GameStop has opted to integrate an ETH layer-2 protocol called Loopring, which leverages ZK (zero-knowledge) technology to make transactions cheaper and faster:

Crypto News Australia reported in March that Loopring had surged over 50 percent after GameStop launched a beta version of its Loopring-powered NFT marketplace.

GameStop Sales Improve Year-on-Year

Despite the overall bearish sentiment in the crypto market, GameStop is still planning to offer crypto products for its gamers. The company’s Q4 financial results revealed it had generated net sales of just over US$6 billion for the fiscal year, compared to $5.090 billion for fiscal year 2020.

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Ethereum Gaming Loopring NFTs

Loopring (LRC) Surges 55% Amid Release of GameStop NFT Marketplace

The Ethereum Layer-2 protocol Loopring (LRC) surged 55 percent following the launch of the beta version of GameStop’s Loopring-powered NFT marketplace on March 23.

According to CoinGecko, the price of LRC leapt from US$0.80 to just over US$1.20 in under 12 hours. At the time of writing the price is sitting at US$1.08, up around 35 percent from its pre-launch price but still down more than 70 percent from its all-time high.

Loopring Aims For Cheap, Secure, Fast NFTs

The launch was announced by Loopring’s head of growth Adam Browman, who said the new marketplace would make NFTs accessible to all in the gaming community by reducing costs and ensuring security:

The new marketplace built atop Loopring L2 ensures that users receive the strongest digital property rights anchored by a secure, decentralised, and credibly neutral environment like Ethereum. Loopring zkRollup inherits Ethereum’s self-custodial security while abstracting away costly gas fees, leaving no one priced out.

Adam Browman, Loopring head of growth

Browman also noted that Loopring provides the performance and scalability required to run this kind of marketplace, which he says was, until recently, “unimaginable”.

Launch Sparks New Interest

Interest in Loopring exploded in November last year when rumours first emerged of its involvement in a GameStop NFT marketplace, causing the price to surge to well over US$3 and the number of Loopring Smart wallet app users to boom:

After the initial wave of interest, though, investors started to question the degree of Loopring’s involvement as other layer 2s, such as ImmutableX, were linked with the project. The announcement of this beta marketplace confirms the rumours and may signal further growth for Loopring in coming months.

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Basic Attention Token Chiliz Loopring Market Analysis Mirror Protocol The Crypto Den Trading

TradeRoom: Our Weekly Crypto Trades Analysis – Mar 28, 2022

Welcome to this weekly series from the TradeRoom. My name is Dave and I’m the founder of The Crypto Den, an Australian-based crypto trading and education community aiming to give you the knowledge to take your trading game to the next level.

Crypto Market Outlook

Finally, after two months of a choppy sideways market, we have movement! The TOTAL cap and BTC have chosen the 30% chance of an upside breakout with the TOTAL sitting just above US$2 trillion. This is the first solid change in market structure we’ve seen in months, and we’re now above the daily 200 EMA. Still some work to do, though! Let’s take a closer look.

TOTAL market cap

For a BTC long trade, I’ll be waiting for a pullback to enter. What I want to see here is a confirmed and clear S&R flip. What I’m cautious of is a bull trap (something like the white arrow line happening), which is why we wait for confirmation. A test on support followed by some positive candlestick analysis and maintaining price action above that 200 EMA on the daily will support this. This is what SAFE traders do. We don’t just ape into a pump and hope for moon.

BTC/USDT

If this push fails, you can see I have a game plan ready either way and this will also be the case for any ALT trades.

This Week’s Trades

CHZ/USDT

Currently being held up on the daily 200 EMA, I see opportunity for CHZ to pull back and confirm an S&R flip for a long entry. Again, a positive change in market structure is great – we just need that first confirmation.

BAT/USDT

BAT has broken out of a four-month downtrend and tested it positively with a nice bounce. If BTC price action continues, BAT could see a decent 50% pump. Like all coins at the moment, there are still some walls to push through but the risk to reward ratio (R:R) on this trade looks good. I’d expect this to play well with a big green candle above US$1.00.

BAT/USDT

MIR/USDT

Quite an aggressive trade getting in long here before a breakout, but the R:R is pretty good. MIR is lagging behind the pack and a 50% pump isn’t out of the question.

MIR/USDT

LRC/USDT

LRC is forming a bullish pennant right on the 100 and 200 daily EMA, as well as daily resistance. A breakout here and there’s potential for 70%! If you look left, you can see LRC did 70% over only four days back in November 2021.

LRC/USDT

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Cardano Crypto News Loopring Market Analysis Solana Trading

Top 3 Coins to Watch Today: ADA, SOL, LRC – March 24 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

ADA Price Analysis

At the time of writing, ADA is ranked the 7th cryptocurrency globally and the current price is US$1.08. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s near 65% drop during Q3 found a low near $0.7835 last week before closing over a short-term high.

This daily close over the high could signal a shift in market structure that may reach probable resistance near $1.10. A sustained bullish move may target the swing high at $1.14. If this stop run occurs, a run beyond the high into probable resistance near $1.25 and $1.33 is possible.

Bulls could buy a retracement to possible support near $0.9240, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.8725. 

However, relatively equal lows near $0.8357 and $0.8022 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.7847 and $0.7352.

2. Solana (SOL)

Solana SOL is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralised app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.

SOL Price Analysis

At the time of writing, SOL is ranked the 9th cryptocurrency globally and the current price is US$94.76. Let’s take a look at the chart below for price analysis:

Source: TradingView

SOL has retraced 71% from its November all-time high and reached possible support last week near $82.34. Resistance might begin near $98.24, which has confluence with the 9 and 18 EMAs.

A more substantial rally might reach near the swing high at $110.23 and the 40 EMA. This high is less likely to break if bears plan to continue the downtrend without a lengthier consolidation.

While not highly probable in the current market conditions, a more animated move upward could reach a wide resistance area between $123.42 and $135.94. This zone is where the last movement down accumulated positions before breaking down. 

Possible support rests near $80.34, which showed sensitivity on the last test. While it could provide support again, the higher-timeframe bearish trend is more likely to propel the price into an inefficient area between $76.10 and $70.54. If the price reaches this zone, the May 2021 swing high near $64.13 might mark a more sensitive level.

3. Loopring (LRC)

LRC is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralised crypto exchanges. Loopring’s purported goal is to combine centralised order matching with decentralised on-blockchain order settlement into a hybridised product that will take the best aspects of both centralised and decentralised exchanges.

LRC Price Analysis

At the time of writing, LRC is ranked the 67th cryptocurrency globally and the current price is US$1.09. Let’s take a look at the chart below for price analysis:

Source: TradingView

LRC lifted off last week, with the impulse sweeping the new swing highs into resistance up to $1.14.

If the price retraces now that it has taken highs, aggressive bulls could look for entries at the recently broken resistance between $1.06 and $0.9950. A deeper retracement that fills the gap down to the monthly level at $0.9460 provides a better entry, with any quick drops near the monthly open at $0.9058 providing the most favourable entries.

Continuation through the current resistance around $1.19 is likely to explode through the remaining daily highs stacked up to $1.28. There’s no telling how far the price could go beyond these new monthly high prices.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Crypto News Decentraland dYdX Loopring Market Analysis Trading

Top 3 Coins to Watch Today: MANA, LRC, DYDX – February 16 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Decentraland (MANA)

Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetise content and applications. In this virtual world, users purchase plots of land that they can later navigate, build on and monetise. Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names and more on the Decentraland marketplace.

MANA Price Analysis

At the time of writing, MANA is ranked the 31st cryptocurrency globally and the current price is US$3.18. Let’s take a look at the chart below for price analysis:

Source: TradingView

Like many other altcoins, MANA set a new all-time high during November 2021 before retracing 45% to the low at $2.50 last week.

Price broke through resistance near $2.88, which may mark an area of possible support on a retracement. If this support fails, bulls might also step in near $2.79. However, a drop this far increases the chances of a stop run to $2.70 and possibly into support near $2.65. For now, continuing bullish market conditions could help $2.90 become support.

The swing high around $3.25 gives bulls a reasonable first target, with $3.34 also likely to draw the price upward. Higher-timeframe resistance beginning near $3.42 or $3.45 could cap the move or trigger consolidations. If bullish market conditions continue, bulls might test probable resistance near new monthly highs around $3.50.

2. Loopring (LRC)

LRC is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralised crypto exchanges. Loopring’s purported goal is to combine centralised order matching with decentralised on-blockchain order settlement into a hybridised product that will take the best aspects of both centralised and decentralised exchanges.

LRC Price Analysis

At the time of writing, LRC is ranked the 70th cryptocurrency globally and the current price is US$0.983. Let’s take a look at the chart below for price analysis:

Source: TradingView

LRC lifted off last week, with the impulse sweeping the new swing highs into resistance up to $1.16.

If the price retraces now that it has taken highs, aggressive bulls could look for entries at the recently broken resistance between $0.9324 and $0.9150. A deeper retracement that fills the gap down to the monthly level at $0.8740 provides a better entry, with any quick drops near the monthly open at $0.8558 providing the most favourable entries.

Continuation through the current resistance around $1.18 is likely to explode through the remaining daily highs stacked up to $1.26. There’s no telling how far the price could go beyond these new monthly high prices.

3. Dydx (DYDX)

DYDX is a governance token that allows the dYdX community to truly govern the dYdX Layer 2 Protocol. By enabling shared control of the protocol, DYDX allows traders, liquidity providers and partners of dYdX to work collectively towards an enhanced protocol. DYDX enables a robust ecosystem around governance, rewards and staking, each designed to drive future growth and decentralisation of dYdX, resulting in a better experience for users.

DYDX Price Analysis

At the time of writing, DYDX is ranked the 134th cryptocurrency globally and the current price is US$7.39. Let’s take a look at the chart below for price analysis:

Source: TradingView

DYDX consolidates between $5.96 and $7.85 with the bulk of the volume concentrated in the lower half of the range. The price does not indicate a clear longer-term direction yet as stop orders build on both sides of the range.

Range traders will likely take profits or sell near $8.12. A stop run and swift rejection above $8.34 could provide a more favourable risk-to-reward entry for bears. An old 4h gap around $8.70 might cap this stop run.

Bulls will likely accumulate more long positions on a run below the relatively equal lows near $7.20. Little exists below the current range to identify precise support levels. However, the area between $7.00 and $6.80 could also give support during a deeper stop run.

If the price does break out decisively to the upside, the swing high at $7.90 provides a reasonable target. The highs and daily resistance levels between $8.57 and $9.10 may provide a second target.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Binance Coin Crypto News Loopring Market Analysis Trading

Top 3 Coins to Watch Today: BNB, ALPHA, LRC – November 12 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Binance Coin (BNB)

Binance BNB is the biggest cryptocurrency exchange globally, based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of world financial activity. Aside from being the largest cryptocurrency exchange, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. Binance Coin is an integral part of the successful functioning of many of the Binance sub-projects.

BNB Price Analysis

At the time of writing, BNB is ranked the 3rd cryptocurrency globally and the current price is US$627.61. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a 60% decline from August to September, BNB has ranged between $651 and $512.

The recent rally is approaching probable resistance near $671 but could be aiming for stops above the relatively equal highs near $667. Continuation of the bullish move could target the daily gap near $677.

Aggressive bulls might add to positions near $615 and $608. Price action near A$590 may be more likely to provide support – if it gets there – during any retracements.

Relatively equal lows clustered around $586 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $578.

2. Alpha Finance (ALPHA)

Alpha Finance Lab ALPHA is a cross-chain DeFi platform that looks to bring Alpha to users across a variety of different blockchains, including Binance Smart Chain (BSC) and Ethereum. The platform aims to produce an ecosystem of DeFi products that address unmet needs in the industry while remaining simple to use and access. ALPHA is the native utility token of the platform. Token holders can earn a share of network fees by staking ALPHA tokens to cover any default loans. Other use cases for the token include liquidity mining and governance voting.

ALPHA Price Analysis

At the time of writing, ALPHA is ranked the 150th cryptocurrency globally and the current price is US$1.15. Let’s take a look at the chart below for price analysis:

Source: TradingView

APLHA‘s massive May spike retraced near $0.5233 into the consolidation that began the impulse before bouncing to $0.7365. 

This consolidation could provide support again, although bears would first have to push the price through possible support near $1.06. The market’s structure may be shifting bearish, with $1.29 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near $0.9243 before finding support near $0.8190.

However, the bullish higher-timeframe trend might prevail, with relatively equal highs near $1.34 potentially giving an attractive target to lure the price over the monthly open. If so, the price could reach the midpoint near $1.48.

3. Loopring (LRC)

LRC is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralised crypto exchanges. Loopring’s purported goal is to combine centralised order matching with decentralised on-blockchain order settlement into a hybridised product that will take the best aspects of both centralised and decentralised exchanges.

LRC Price Analysis

At the time of writing, LRC is ranked the 46th cryptocurrency globally and the current price is US$3.27. Let’s take a look at the chart below for price analysis:

Source: TradingView

LRC lifted off last week, with the impulse sweeping the new swing highs into resistance up to $3.72.

If the price retraces now that it has taken highs, aggressive bulls could look for entries at the recently broken resistance between $3.14 and $3.00. A deeper retracement that fills the gap down to the monthly level at $2.80 provides a better entry, with any quick drops near the monthly open at $2.58 providing the most favourable entries.

Continuation through the current resistance around $3.35 is likely to explode through the remaining daily highs stacked up to $3.56. There’s no telling how far the price could go beyond these new all-time high prices.

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Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Categories
Ethereum Industries Loopring Markets NFTs Tokens

Loopring Token Soars Over 100% on Rumour of GameStop NFT Marketplace Collaboration

GameStop, the American video game, consumer electronics and gaming merchandise retailer, is rumoured to be working with Loopring (LRC), an Ethereum Layer 2 scaling solution, to build an NFT marketplace, causing its native token to make sizeable gains.

As speculation about GameStop’s NFT marketplace increases, Loopring’s LRC token has climbed over 100 percent in the past seven days, following various signs pointing to an unnamed partnership to help develop blockchain technology with the gaming giant.

According to a post on GameStop Due Diligence (GMEdd), a website focused on the corporation, a leak in the Loopring GitHub public repository appears to indicate a possible collaboration with GameStop Corporation (GME) for a non-fungible token (NFT) marketplace. The code posted on GitHib reveals that GameStop NFT is built on EIP-1155, which allows the creation of fungible, non-fungible, and semi-fungible tokens in one single token standard.

Additionally, the amended code in the branch “NFT-DEV” under the GitHub commit titled ‘NFT feature’ makes reference to ‘gameStopMeta’ and an IPFS URL, a well-known distributed system for storing and accessing files, websites, applications and data.

Loopring’s ‘NFT feature’ code reveals several references to GameStop.

Nobody knows for certain what GameStop’s NFT division has been working on. Loopring is keeping secrets as well, with CEO Daniel Wang disclosing that the Ethereum-based technology company is “working with a premium partner who demands they keep quiet”.

Loopring Solving the Gas Problem

According to Loopring’s official website, it boasts the industry’s most secure scaling method, which is independent of external validators, consensus, or crypto-economic assumptions.

High Ethereum gas prices make it difficult for ERC-20 projects to run any microtransaction payments, defeating the idea of using the Ethereum network for GameStop’s primary use cases – forcing it to consider Layer 2 solutions or other blockchains.

Additionally, Loopring announced it will be enabling NFT support, “allowing anyone to mint and trade NFTs instantly and gas-free”, adding that the functionality is being used as the foundation of a new NFT marketplace launching soon.

Loopring Price Skyrockets

Following breadcrumbs picked up by GMEdd, and the progress of the project, the price of Loopring has shot up. Since the beginning of October, Loopring LRC/USD has risen from US$0.36 to $0.58, and is now trading at $1.58, smashing its previous all-time high in a matter of days.

LRC/USDT price: Tradingview
Categories
Binance Crypto News Loopring Market Analysis Swyftx Trading

LRC Surged +75% in a Single Day Amid Loopring’s Upcoming Layer-2 NFT Support

Loopring LRC is trading in an uptrend, like many other Altcoins. The cryptocurrency LRC just went up +75% in a single day by breaking a rising wedge pattern with strong buying volume on multiple exchanges and surges over +105% in a week.

What is Loopring?

Loopring LRC is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralised crypto exchanges. Loopring’s purported goal is to combine centralised order matching with decentralised sidechains order settlement into a hybridised product that will take the best aspects of both centralised and decentralised exchanges. The main idea behind Loopring is to combine elements of centralised and decentralised cryptocurrency exchanges to create a protocol that will enjoy its unique advantages and eliminate inefficiencies.

LRC Price Analysis

At the time of writing, LRC is ranked the 107th cryptocurrency globally and the current price is A$0.8279. Let’s take a look at the chart below for price analysis:

Source: TradingView

After looking at the above 4-Hour candle chart, we can clearly see that LRC was trading inside the rising wedge pattern on the LRC/USDT pair. The first resistance was on the A$0.4955 price level, which LRC broke with a strong bullish trend buying volume and is now heading towards the recent monthly high prices at A$0.9671 Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price recovery, LRC may continue to increase in the uptrend if traders keep buying with high volume.

“The Rising Wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. As a reversal pattern, the rising wedge will slope up and with the prevailing trend.”

What Do the Technical Indicators Say?

TradingView indicators (on the one-day window) mainly suggest LRC as a Strong Buy, except the Oscillators, which indicate LRC as a Buy.

So Why Did LRC Breakout?

General market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent massive price corrections. Another reason for this sudden pump in price could be whales secretly buying LRC for the next Altcoins rally. Recent news was also announced regarding Loopring’s layer-2 NFT support.

Where to Buy or Trade LRC?

Loopring LRC has high liquidity on the Binance exchange, which could help for trading LRC/BTC or LRC/USDT pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.

Categories
Crypto News Loopring Market Analysis Trading

Loopring Breakout Analysis – Parabolic Breakout on LRC by Trading in Active Uptrend with +102% Gains in a Week

Loopring LRC has already gone up over +102% this month, and the trading analysis suggests that there might be another wave incoming. Let’s take a look at LRC and what the charts are telling us about price analysis, and possible reasons for the recent breakout.

What is Loopring?

LRC is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralized crypto exchanges. Loopring’s purported goal is to combine centralized order matching with decentralized on-blockchain order settlement into a hybridized product that will take the best aspects of both centralized and decentralized exchanges.

LRC Quick Stats

Symbol:LRC
Global rank:58
Market cap:$502,305,434 AUD
Current price:$0.4199 AUD
All time high price:$3.36 AUD
1 day:+77.41%
7 day:+102.75%
1 year:+1320.01%

LRC Price Analysis

At the time of writing, LRC is ranked 58th cryptocurrency globally and the current price is $0.4199 AUD. This is a +102.75% increase since 29th December 2020 (7 days ago) as shown in the chart below.

Source: TradingView

After looking at the above 1-day candle chart, we can clearly see that LRC was trading inside the falling wedge pattern on the LRC/USDT pair. The first resistance was on the $0.2557 AUD price levels which LRC broke with a strong bullish trend buying volume and is now heading towards the next monthly high prices. Seeing that many altcoins are waking up bullish this week, LRC is likely to continue to increase in the uptrend.

“The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge.”

Source: TradingView

What do the Technical indicators say?

The  Loopring LRC TradingView indicators (on the 1 day) mainly indicate LRC as a buy, except the Oscillators which indicate LRC as a sell.

So Why did LRC Breakout?

The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason could be the whales, secretly stacking up LRC to their portfolio for this Altcoin rally. It could also be contributed to some of the recent news of Loopring L2 Success.

Recent Loopring News & Events:

Where to Buy or Trade LRC?

Loopring has the highest liquidity on Binance Exchange so that would help for trading LRC/USDT or LRC/BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.