Our Loopring price prediction is still bearish as the price failed to break the market structure. After a failed rally to reclaim the $0.60 level, the LRC price is retesting the $0.32-$0.36 support once again. The coin failed to break above the psychological level of $0.50, resulting in a major pullback.
After the rejection of Bitcoin and Ethereum from key levels, the crypto relief rally appears to be finally over. On Thursday, the hawkish speech from Jerome Powell tanked the market to the lowest level of the week. Before the speech, markets showed a very volatile price action throughout the trading session.
At the time of writing, the Loopring price is trading at $0.365. The price has plummeted by 7.43% within the past 24 hrs. A daily closure below $0.36 would send the price to retest June lows around the $0.32 level. It is impossible to say whether the $0.32 level would hold because the support has already been tested many times.
According to Loopring news, ETH holders are now able to stake their assets directly on Loopring L2 without any gas fees. The protocol enables it by its liquid staking feature powered by Lido Finance. You can buy Loopring coin by signing up on the Binance exchange.
Loopring Price Prediction
A look at the LRC crypto chart suggests that the coin has been in a bearish accumulation phase since the start of May 2022. The price has failed to even retest the 200-day MA since breaking below it in March 2022. To gain a bullish outlook price must reclaim 200 MA that currently lies at $0.64. Considering the current state of the entire market, this seems to be a far cry.
A break of the $0.32 level would make Loopring price prediction extremely bearish. In such a scenario, bears could potentially tank the price to the $0.20 level, which is the next major support. Therefore, to avoid getting stuck in a long trade, stop loss below the $0.32 level is recommended.
Loopring Daily Chart
