LRC Surged +75% in a Single Day Amid Loopring’s Upcoming Layer-2 NFT Support

August 23, 2021, 6:30 AM AEST (updated August 25, 2021)

Loopring LRC is trading in an uptrend, like many other Altcoins. The cryptocurrency LRC just went up +75% in a single day by breaking a rising wedge pattern with strong buying volume on multiple exchanges and surges over +105% in a week.

What is Loopring?

Loopring LRC is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralised crypto exchanges. Loopring’s purported goal is to combine centralised order matching with decentralised on-blockchain order settlement into a hybridised product that will take the best aspects of both centralised and decentralised exchanges. The main idea behind Loopring is to combine elements of centralised and decentralised cryptocurrency exchanges to create a protocol that will enjoy its unique advantages and eliminate inefficiencies.

LRC Price Analysis

At the time of writing, LRC is ranked the 107th cryptocurrency globally and the current price is A$0.8279. Let’s take a look at the chart below for price analysis:

Source: TradingView

After looking at the above 4-Hour candle chart, we can clearly see that LRC was trading inside the rising wedge pattern on the LRC/USDT pair. The first resistance was on the A$0.4955 price level, which LRC broke with a strong bullish trend buying volume and is now heading towards the recent monthly high prices at A$0.9671 Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price recovery, LRC may continue to increase in the uptrend if traders keep buying with high volume.

“The Rising Wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. As a reversal pattern, the rising wedge will slope up and with the prevailing trend.”

What Do the Technical Indicators Say?

TradingView indicators (on the one-day window) mainly suggest LRC as a Strong Buy, except the Oscillators, which indicate LRC as a Buy.

So Why Did LRC Breakout?

General market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent massive price corrections. Another reason for this sudden pump in price could be whales secretly buying LRC for the next Altcoins rally. Recent news was also announced regarding Loopring’s layer-2 NFT support.

Where to Buy or Trade LRC?

Loopring LRC has high liquidity on the Binance exchange, which could help for trading LRC/BTC or LRC/USDT pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.

Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.