Loopring price has been trending sluggishly in the past few days. The cryptocurrency has also been trading sideways since February 20, 2022, with very little volatility shown in its prices. Below is a look at Loopring price prediction and current fundamentals.
The fall of Loopring
The rise of Loopring was partly due to the massive cryptocurrency trading frenzy that happened last year. The frenzy saw Loopring prices rising to trade at an all-time high of $3.44 on November 24, 2021. This was an 830 percent return on investment during that time.
Since then, the crypto has been on a sharp decrease, and the prices have reduced by more than 80 percent to the current prices of $0.81. Today, the Loopring cryptocurrency ranks 77th in terms of market capitalization with a market value of over $1 billion. The cryptocurrency also has a circulating supply of 1.329 billion coins and is almost hitting it maximum total supply of 1.374 billion coins.
This year’s fall in prices for Loopring has also been attributed to the recent crash of the cryptocurrency industry, including Bitcoin. This industry-wide bearish move has partly resulted in the drop in prices of Loopring, which has a positive correlation with Bitcoin.
Loopring Price Prediction
The daily chart below shows that Loopring is trading at $0.815, with today’s trading session seeing a drop in the price of the cryptocurrency. Although the cryptocurrency has been trading sideways for some days based on the chart below, the current long-term trend is still to the downside. The chart also shows that since Loopring reached its all-time high, it has aggressively moved to the downside, which has resulted in the loss of more than 80 percent of its value.
The prices of Loopring are also trading within a descending triangle market structure. The prices are also currently on the lower support line of the triangle, where it has failed to break to the downside after numerous attempts. Therefore, I expect Loopring price to have one more bearish move to the upside, where it will meet the upper resistance line of the triangle.
On the daily below, I expect the upward move to hit anywhere in the resistance level line marked B and D. However, if the prices reverse and the cryptocurrency drops past the lower support level of the triangle, then my trade will be invalidated and we may be looking at a long-term bearish move.
