Today is the second consecutive trading session that Loopring price is gaining in the markets, despite being in a strong bearish move that has seen it lose 26 per cent since the month started. In 2022, Loopring has lost 60 per cent of its value since the year started, a future proof that the crypto is still in a long-term bearish move.
The current increase comes amidst a decline in trading volume. In the past 24 hours, the trading volume has reduced by 16 per cent, bringing the total traded using Loopring to $105 million. Normally, this would translate to a price decrease. However, it is likely that the current price rise is temporary, and the bearish trend is likely to continue.
The current market has also become increasingly bearish for altcoins in the cryptocurrency industry. This has seen many altcoins continue to fall in the past few months. In addition, other market factors, such as the talk of regulation of the cryptocurrency market, may also be impacting the current trend of Loopring, which is likely to resume a bearish trend.
Loopring Price Prediction
Today’s trading session is likely to extend the bullish trend that started yesterday. Currently trading at $0.86, the cryptocurrency has been in a long-term bearish trend throughout 2022, losing more than 25 per cent of its value.
Recently, the prices have hit the $1 resistance level. However, the prices failed to break to the upside, resulting in an aggressive bearish move. The move has since slowed down due to the low volume being traded. Looking at the daily chart below, we can see that the prices are still on a strong bearish move despite the last two days’ gains. We can also see that the cryptocurrency lost its aggressive volatility a few weeks ago. Over the past few days, prices have also looked like the prices have traded in a sideways market.
However, my Loopring price prediction expects the bearish trend to resume despite the recent bullish signals. There is a very high likelihood of the prices approaching the $0.65 support level. It is also likely that the prices will hit the support level and break to trade below the $0.65 price level.