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The Loopring price has risen in the past four straight days as investors remain optimistic about the coin. The LRC coin is trading at $1.050, which is its highest level since January 21st. It is about 60% above the lowest level during the weekend. The coin has jumped by 23% in the past 24 hours.
Loopring is one of the fastest-growing blockchain platforms in the world. It is a layer-2 network that uses the zero-knowledge (zk) rollups technology.
The network’s goal is simple. Unlike other online exchanges that have high costs, traders take advantage of its platform to execute trades at a lower commission. In the past few months, the network has seen spectacular growth.
For example, it has processed transactions worth over $4 billion while its total value locked (TVL) jumped to more than $750 million in 2021. It processed transactions worth over $500 million in the final week of the year.
Therefore, the Loopring price is rising because of expectations that the network will see robust growth this year. Some of the key things to watch this year will be the Loopheadss NDT airdrop, the launch of the Loopring HQ in the metaverse, and the launch of counterfactual NFTs on Loopring L2. the developers will also launch multi-layaer wallets.
Loopring price prediction
The daily chart shows that the LRC price has been in a strong bullish trend in the past few days. The coin has risen from a low of $0.6560, which was the lowest level during the weekend. It has moved slightly above the 78.6% Fibonacci retracement level.
The coin has moved slightly below the 25-day and 50-day exponential moving averages (EMA0 while the Relative Strength Index (RSI) has moved from the oversold level.
Therefore, there is a likelihood that the Loopring price will keep rising as investors buy the dips. If this happens, the next key resistance level at $1.600, which is along the 61.8% Fibonacci retracement level. This view will be invalidated if the price falls below $0.6600.