Loopring price is down by a percentage point in the early trading hours of today’s session. The crypto has been trending downwards for the past one week, losing 14 per cent of its value.
What is Loopring?
Loopring (LRC) is the native token of the Loopring protocol. During an initial coin offering, it was made publicly available in August 2017 by its founder and current CEO, Daniel Wang, a software engineer and entrepreneur based in China. Since then, the platform has grown to be one of the largest cryptocurrency projects in the world, with a market capitalization of over $500 million.
The Loopring protocol, at its core, focuses on building decentralized crypto exchanges. However, it allows users to create non-custodial, order book-based exchanges on the Ethereum network using zero-knowledge proofs (ZKPs). The non-custodial functionality also allows users to have control over their private keys, making Loopring one of the most secure projects in the market today.
Loopring Price Prediction
Loopring was one of the few projects that had started to show signs of a recovery in June. The project started strongly, and there was a strong bullish push for the first five days. However, this was followed by a strong bearish move that resulted in a 41 per cent price decline.
The second half of the month also started to pick up and resulted in some of the losses made during the month being reversed after the crypto rose by 38 per cent. However, in the past week, Loopring looks to have resumed its strong bearish trend, losing 14 per cent of its value in just the past week.
Today, the prices are continuing the bearish trend that started a week ago and has resulted in a 14 per cent drop. Looking at the current price action, I also expect the current bearish trend to continue with a possibility of the prices hitting the $0.32 support level again.
My Loopring price prediction also expects the prices to trade below the support level based on the momentum we have seen for the past few weeks. My trade will, however, be invalidated if prices trade above the $0.45 price level. At that point, the possibility of a bear trend will have diminished.