Loopring Price Analysis: LRC Rockets To Yet Another Record High, Claims Top 50 Position

Loopring continues shooting for the stars, skyrocketing to new all-time highs (ATH) every day. The Ethereum-based DeX token has brushed its shoulders with $4.0 for the first time ever. It is believed that the Loopring price will soon lift above $5.0 paving the way to a fresh price discovery.

At the time of writing, Loopring trades at $3.706 while bulls reach another higher level after rallying approximately 30% over the last 24 hours . Its market capitalization has crossed the $4 billion mark after rising by over 33% over the same period. This has seen the asset secure a position among the top 50 cryptocurrencies by market value according to data from CoinMarketCap. LRC now stands at position 42, just behind Helium (HNT) and Tezos (XTZ) EOS has slipped to the 43rd with Monera (XMR) and Decentraland (MANA) settling for 44th and 45th positions respectively. If LRC keeps this rally intact, we expect it to challenge coins in the top 30 positions.

Loopring Price Rally Not Waiting For Anyone

Loopring is comfortably in the bulls’ hands who are focused on pushing the price past $4.0. The LRC bulls currently appear to be one of the unstoppable forces in the cryptocurrency market, bolstered by the market-wide price discoveries led by Bitcoin (BTC) and Ethereum (ETH).

Bitcoin rallied to a record high of above $69,000 on Wednesday and with Ethereum refreshing the record high to $4,956 in early Asian trading sessions today. The positive cryptocurrency market sentiment will see the Loopring price bulls motivated to push to higher levels.

LRC/USD Daily Chart

Loopring price daily chart

At the moment, the technicals tell us little about LRC rally and how things are likely to unfold in the near-term . The fear of missing out (FOMO) could be the main force behind the consistent upward action. A break above $4.0 will further bolster Loopring above $5.0.

LRC Price Intraday Levels

Spot rate: $3.706

Trend: Strongly Bullish

Volatility: Extremely High

Support: $3.06

Resistance: $4.0

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Nancy Lubale

Nancy is a successful finance, crypto analyst and content writer with many years of writing experience finance and blockchain fields. Nancy has been producing quality content for websites in the cryptocurrency industry including Krptotrends, Forexcrunch, InsideBitcoins and Economywatch. She is a Certified Cryptocurrency Expert (CCE) from Blockchain Council. Her interests are in cryptoasset research and technical analysis, Fintech, Blockchain, DeFi, NFTs and Personal Finance. Follow her on X@NancyOmanga for more insights

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