Last night, the Loopring coin had a sudden upswing, rising roughly 45 percent in the sideways zone after a bearish trend. The LRC price action formed a bearish pattern (Double Top Formation) around the beginning of February, and the bulls have been consolidating below the neckline of the following structure for the past three weeks.
The Loopring coin has retested the crucial resistance level of $1.23, which was the location of both tops. On the weekly price chart, however, the coin appears to be positive. Bulls became more aggressive after spotting a Doji candle on March 22nd. As a result, the coin is currently under 7.4% selling pressure at $1.09 at the time of writing. Furthermore, the bitcoin pair’s Loopring coin is currently trading at 0.00002548 satoshis, down 6.16 percent.
Overall in the year 2022, the LRC Price had a highly turbulent session last night, gaining 86 percent of trade volume to $2.11 billion. The daily volume bar has been above the moving average (blue) for several days due to significant liquidations. In addition, the volume to market capitalization ratio is 1.44.
Loopring to lead the alt season?
If alt season begins, popular crypto expert Kevin Svenson believes a mid-cap altcoin would be one of the “top movers.” Layer-2 protocol Loopring (LRC), Svenson tells his Twitter followers, the token will likely outpace much of the market.
The price surge came with the announcement by Loopring that the beta version of GameStop’s new non-fungible token (NFT) platform, built on its blockchain, is now open for early sign-ups and money deposits, with a full launch coming soon.