My Loopring price prediction shows the prices are likely to continue with their current bullish trend after a recent breakout from a long-term resistance level of $1.23.
How Fundamentals are impacting Loopring
Shortly after the Loopring and Gamestop partnership announcement, Loopring prices started a strong bullish move that saw them rise by more than 40 per cent within 24 hours. The partnership will see GameStop enter the NFTs and Web3 gaming industry. It will also benefit Loopring, which will see its user base increase by partnering with an industry leader in the gaming industry.
Adam Browman, the head of growth at Loopring, announced that their platform was launching the beta NFT marketplace. He also indicated that the full version of the NFT platform would be released soon. According to Browman, the introduction of the NFT market would see the Loopring platform solve one of the significant issues in the NFT industry, accessibility.
Even with the widespread and mainstreaming of NFT, many users have failed to jump into the new technology due to high costs. However, the partnership indicated that Loopring would be able to provide fast, cheap and secure access to the NFT paradigm for higher adoption.
Loopring Price Prediction
Loopring prices recently broke a long-term support level of $1.23. After a strong bullish move that started on March 16 saw the Loopring price rise by 98 per cent. In today’s trading session, the prices have risen by more than 15 per cent, indicating huge volatility in the markets.
The daily chart below shows that the price reversal to the upside is complete by using the Williams Alligator, whose lines recently crisscrossed. The indicator is now showing a bullish trend. The recent breakout from the resistance level of $1.23 also shows that the prices are in an aggressive bullish move.
Therefore, my Loopring price prediction expects the cryptocurrency to be trading at $1.64 in the coming days. This is because the prices are highly likely to target the next resistance level, having broken out from the recent one.