Last night, the Loopring coin saw a sudden surge, rising around 45% in the sideways area after a downtrend. LRC price action formed a bearish pattern (Double Top Formation) around the start of February, and the bulls have consolidated below the neckline of the following pattern over the past three weeks.
The Loopring coin retested the crucial resistance level of $1.23, which was the location of the two tops. On the weekly price chart, however, the coin appears to be positive. The 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. Additionally, the Bitcoin pair’s Loopring coin is currently trading at 0.00002548 satoshis, down 6.16%.
In the whole of 2022, LRC price had a very turbulent session last night, gaining 86% of trading volume to $2.11 billion. The daily volume bar has been above the moving average (blue) for several days due to significant sell-offs. Moreover, the volume to market capitalization ratio is 1.44.
Loopring leading the alternate season?
If the alt season begins, renowned crypto expert Kevin Svenson believes a mid-cap altcoin would be one of the “best movers.” Loopring Layer 2 Protocol (LRC), Svenson tells his Twitter followers, the token will likely overtake much of the market.
The price spike came with Loopring announcing that the beta version of GameStop’s new non-fungible token (NFT) platform, built on its blockchain, is now open for early registrations and money deposits. , with a full launch coming soon.
