Loopring (LRC) Closes Towards a Breakout From the 100 EMA Curve!
Loopring is a rather lesser-known blockchain that bridges the gap between the idea of working on a decentralized exchange. LRC is a utility-based token that addresses the shortcomings in the centralized exchange. Centralized exchanges settle the trades on internal records leaving it open for manipulation and unauthorized usage, while LRC is the ETH-backed token for Loopring.
Loopring is an open protocol enabling others to develop a decentralized crypto exchange that completes trades and transactions on the blockchain. Thus, protecting it from price manipulations. Loopring isn’t just a tool to develop decentralized exchanges but a means to create a hybrid product that includes the best of both types of exchanges.
LRC token had a peak value of $3.83 in November 2021 but lost more than 90% of its value during the May 2022 crash, taking the price down to $0.321. LRC currently ranks #71 in terms of market capitalization, with 97% of the entire supply token already existing and circulating in open markets, making this protocol highly decentralized.
Loopring token has taken a major leap towards the 100 EMA curve. A positive outcome can be expected if the LRC price sustains a level above 100 EMA. Price action-based resistance is currently between the 100 and 200 EMA curves. Click here to know more about the future price projections of the LRC token.
LRC price has taken a decent bullish outcome from its lows of June 2022, which shows prices returning to the May lows. The positive run resulted in significant momentum in the last 51 days reaching $0.49 from the dips of $0.37. The current outlook based on price action creates a resistance of $0.58, which is quite above the latest trading value of $0.4966. The Loopring outlook based on technical indicators is also in the green as the RSI indicator has reached 66 with an uptrend indication that can continue till it witnesses a major profit booking.
Even the MACD indicator supports this theory as it marked a bullish crossover on August 4, maintaining the gap between the two curves with high momentum. Based on technical indicators, LRC also has an exponential moving average resistance of 100 days, marginally above the current value. Breaching this level can push the value of LRC even further towards 200 EMA. While moving averages are currently in a state of decline, price consolidation above $0.60 could create the ambient scenario for another breakout and positive trend in the long run.
