Loopring Price Up 64.20% – Time to Buy LRC Coin?

Loopring has been wild in the past week due to leaked images of a probable partnership with meme stock GameStop. The Ethereum layer-two scaling solution has surged more than 500% in the past month, with more uptrend expected over the week.

Today’s rally further shows that investors are keen to buy LRC. In this article, we will look at the technical and fundamental performance of the scaling solution and find out the reasons behind its runaway success.

LRC: Skyrocketing By The Second

Ethereum is the premier protocol for supporting decentralised finance (DeFi) and non-fungible tokens (NFTs). The platform is the second most valuable cryptocurrency controlling about 97% of the total blockchain-based applications ecosystem.

However, this has come at a cost with high gas fees and network congestion forcing users to consider other alternatives.

Multi-chain solutions like Loopring have become common with these zero-knowledge (ZK) rollups bundling transactions together and validating them off-chain before adding them back to the Ethereum network.

With its cheaper fees, low latency and high throughput, Loopring has thrived where several others have failed.

At press time, the ZK rollup blockchain is posting insane figures and is up 64.20% in the past day. Currently trading at $3.647, LRC has also shot up by 178.97% in the past seven days, continuing a strong bullish streak.

This has seen its position improve substantially as it now occupies the 43rd position on the crypto ranking with over $5 billion in market cap.

The 24-hour trading volume is also through the roof at 93.38%, with over $9.3 billion currently being exchanged.

Combined with the positive atmosphere in the crypto scene, Loopring may just be starting a month-long bullish run making this an ideal opportunity to buy LRC.

LRC Technical And Fundamental Analysis

LRC has largely traded below $1 since it came into the crypto scene; however, its fortune has rapidly changed in the past few hours. It recently hit an all-time high (ATH) of $3.75 a few minutes earlier.

Looking at the technical chart on LRC shows a more bullish outlook. The ERC-20 token is currently soaring above the 20-day moving average (MA) support price of $1.1234, while its 200-day MA is pointing to a more bullish outlook in the long term as it sits at $0.4293.

The 14-day relative strength index (RSI) figure of 92.77 shows that the digital asset is in the overbought region and shows that investors are out to buy LRC.

The moving average convergence and divergence (MACD) also indicate a strong bullish presence as the green trendline indicates a buy signal.

Loopring’s sudden success is attached to a snapshot of its GitHub repository. In the image titled NFT Feature, which has since been leaked online, popular meme stock GameStop is visible in the lines of code.

This coincides with the brick-and-mortar company’s plans to launch an NFT marketplace for GameStop customers.

Although no official statements have been made so far, investors believe both parties are working on the NFT project, given that GameStop recently hired Loopring’s Head of Business, Matthew Finestone, as its head of blockchain.

In addition, Loopring tweeted that it set a new personal best trading volume record on November 2. According to the layer-two protocol, over $75 million has so far changed hands among traders.

With NFTs becoming mainstream, Loopring’s delve into the booming ecosystem could lead to more price gains for the LRC token.

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