Last night, the Loopring coin had a sudden rally, surging about 45 percent in the sideways zone after a bearish trend. LRC price action formed a bearish pattern (Double Top Formation) in early February and the bulls have consolidated below the neckline of the following structure for the past three weeks.
The Loopring coin has retested the crucial resistance level of $1.23, the location of both tops. However, on the weekly price chart, the currency appears to be positive. Bulls became more aggressive after seeing a Doji candle on March 22. As a result, the coin is currently under 7.4% selling pressure at $1.09 at the time of writing. In addition, the Bitcoin pair’s Loopring coin is currently trading at 0.00002548 satoshis, down 6.16 percent.
In the year 2022, LRC price experienced a very turbulent session last night, gaining 86 percent of the trading volume to $2.11 billion. The daily volume bar has been above the moving average (blue) for several days due to significant liquidations. In addition, the volume to market capitalization ratio is 1.44.
Loop ring to lead the alt season?
As the alt season kicks off, popular crypto expert Kevin Svenson believes a mid-cap altcoin would be one of the top movers. Layer-2 protocol Loopring (LRC), Svenson tells his Twitter followers, the token is likely to outperform much of the market.
The price hike came with Loopring’s announcement that the beta version of GameStop’s new non-fungible token (NFT) platform, built on its blockchain, is now open for early signups and cash deposits, with a full launch coming soon.