Loopring Price Prediction 2021 – Will LRC Hit $1 Soon?

This Loopring (LRC) Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our LRC price analysis and prediction.

There are various cryptocurrencies that rose to a new all-time during this 2021 bull run. In contrast, some crypto assets also faced a price drop. As a result, many digital currency traders are worried about whether it is time to hold or sell their digital assets. This is also the same situation that crypto traders could experience in LRC.

Nevertheless, the crypto market is consolidating lately, and many cryptocurrencies are losing their previous profits. Will LRC experience the same price volatility? We’ll find out shortly in this LRC price analysis 2021 article. But first, let’s have a look at what LRC is.

What is Loopring (LRC)?

LRC is the Ethereum-related crypto token of Loopring. However, Loopring is an open protocol created for the building of decentralized digital asset exchanges. Moreover, in 2020, the average daily trading volume of the whole crypto market fluctuated in the estimated range of $50-$200 million.

Moreover, the trading happens on centralized crypto exchanges which are online platforms that work by private companies that store users’ funds. Also, facilitates the matching of purchase and sell orders. However, such platforms contain a number of downsides common to all.

Notably, the goal of Loopring is to join centralized order matching with decentralized on-blockchain order settlement into hybridized items that will take the best aspects of both centralized and decentralized exchanges.

Moreover, the LRC tokens became present to the public during an initial coin offering (ICO) in August 2017, while the Loopring protocol was first deployed on ETH mainnet in December 2019.

Now that we are clear about LRC do you think LRC will be beneficial crypto in 2021? Join me and let us see the charts in this LRC price analysis and LRC price prediction.

Loopring Current Market Status

As of the time of writing this Loopring price analysis, LRC trades at $0.26 with a 24-hour trading volume of $46,271,130. The price of LRC has decreased by 6.82% in the last 24 hours.

Currently, the top cryptocurrency exchanges for LRC are  Binance, OKEx, Huobi Global, CoinTiger, and FTX. Now, let’s go to the next part of this LRC technical analysis for 2021.

Loopring Price Analysis

Currently, LRC holds the 117th place on CoinMarketCap. But will the latest upgrades, development, and changes in the LRC blockchain help the cryptocurrency price to reach higher? Let’s proceed to the charts in this LRC price prediction article.

In the chart above, which is set in a daily time frame, we can see the Descending Channel Trend pattern. A descending channel is the price action that takes place in a downward direction through a sloping parallel line. More so, the chart shows the Lower Highs and Lower Lows from this price pattern. Moreover, this pattern represents a short-term bullish.

As shown above, at the beginning of this month, LRC turned from its bull to bear trend. This is the result of the high trade volume that occurs during that time.

The Relative Strength Index (RSI) is above 45, which means that LRC is in a nearly overbought nor oversold state. With this traders need to stay cautious while trading, turning away from further losses.

Let us also look at the Simple Moving Average (SMA) and the Exponential Moving Average (EMA) of LRC

Since the start of 2021, LRC’s price has seen many bullish moves which are higher than the previous one. More so, these are followed by fluctuations, consolidation, and corrections right away. Taking this into consideration, LRC has a competitive market this 2021.

Loopring Price Prediction

The chart below shows that LRC has performed great over the past few days. Moreover, the LRC price shows a bullish trend. If this trend continues, LRC might run along with the bears, overtaking its $0.21 support level and move higher.

Conversely, if the investors turn towards the crypto, the bulls might take over and push LRC from its uptrend position. In simpler terms, the price of LRC might increase to almost $0.78, a bullish signal.

Meanwhile, our long-term LRC price prediction 2021 is bullish. It has a high possibility of reaching new heights. However, that will only happen if it breaks many past psychological resistances.

Conclusion

Loopring has a bright future ahead of it in 2021. With the ongoing developments happening within the LRC ecosystem, as well as in the overall crypto market, we may see LRC reach new heights.

Bullish LRC price prediction 2021 is $1. As said above, it may even reach its new ATH if investors have decided that LRC is a good investment in 2021, along with mainstream cryptocurrencies like Bitcoin and Ethereum.

FAQ

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

Source: https://coinquora.com/loopring-lrc-price-prediction/