On September 18th, Loopring price dropped below the $0.32 support level after plunging by 8 per cent. Since then, Loopring has mostly traded sideways, and in today’s trading session, the sideways trend looks poised to continue, with Loopring showing signs of wiping out yesterday’s gains in the markets.
Unsurprisingly, the recent Loopring struggle in the markets has been a continuation of a long-term bearish trend. Since the month started, Loopring value has dropped by 12 per cent. The September price drop has also been a continuation of the August bearish trend, which also saw Loopring closing the month with a 15 per cent drop in its value.
The long-term bearish trend has been in tandem with other cryptocurrency projects and the industry as a whole. In the past few weeks, we have seen the total market capitalization of the industry seesawing around the $1 trillion mark, an indication of the recent bearish trend. Loopring’s significant correlation with the industry has also been dragged down by market forces pulling the industry down.
Loopring Price Prediction
In the next few trading sessions, much of what will happen in the general cryptocurrency industry is likely to be repeated by Loopring price. Looking at the chart below, we can see prices have traded sideways for the past few days. Today, with prices dropping by a percentage point at press time and looking likely to continue with the trend throughout the session, it is highly likely that the next few trading sessions will also trade below the $0.32 long-term support level and in a sideways market.
Therefore, my Loopring price prediction expects the prices to continue dropping and trade below the $0.28 price level. However, there is a high likelihood that the drop will be a continuation of the current sideways market, but I don’t expect prices to trade above $0.32. In case the price move past the $0.32 price level, then my analysis will be invalidated, and it will mark a new bullish push.