The world cryptocurrency pioneer Bitcoin was able to reach it's all time highest level of $33k on 4th January 2021, most analyst believe that bitcoin could reach a record level of $100k before the end of 2021 sole because of the increased number of investors diving deep to buy bitcoin even at its skyrocketed price, some analyst also have a different view from this, some believe that bitcoin can even reach the $150k but not this year because for bitcoin to do so it has to regulate it's volitality pike that of Gold,as this will encourage more investora. Know the past 24hrs bitcoin has fallen below it's all time high.
As bitcoin takes a bearish move below Its all time high other cryptocurrency like Loopring aim to the sky.
LRC/USD
Positive fundamental review of Loopring
As of recent Ether have witnessed a rapid surge in this past few days, so also has the activity on the Etherum Network, this have boosted the transaction gas fee by a tremendous margin, while this huge transaction fee is no big deal for most rich trader, the small traders will find it difficult to execute low value transactions.
Based on the recent boosted volume seen on Loopring decentralized exchange data by Dune analytic (figure rose to $5.5million) Traders seems to have switched to Loopring so as to save this enormous gas fee from ether.
Some also believe that the increased volume on Loopring decentralized exchange data was also due to the recent lunch of the Loopring exchange v2 based on Loopring protocol 3.6.
Loopring team also plans to lunch AMM liquidity mining and many other lucrative programs on 7th of January 2021.
According to Loopring official the AMM liquidity mining pool annual return can be as high as 40%.
MARKET ANALYSIS FOR LOOPRING/USD
in just 2days LRC price witnessed a bullish surge from $0.170 (on 3rd Jan) to $0.600 (on 4th of Jan 2021),
this surge has pushed the Rsi highi into the overbought zone, which may suggest an increased risk of minor bearish pull back or consolidation.
As of today 6 Jan 2021, Loopring experienced a bearish pull back on a 4hrs time frame but the support zone (S1) was respected,and now the price approaches the resistance zone (R1) if this resistance zone is broken therw will definitely be a bullish surge which will tend to push the price to the R2 zone.
NB: But if the R2 zone is not broken the price may rally down back to the R1 zone or even down to the S1 zone, but If the R1 zone out s respected that's a good thing because this means that more buyers are in the market,this is a strong bullish Indication.
The crossing over of the 20EMA over the 50EMA on a 4hrs time frame is also confirmatory confluence for a bullish rally.
Following the lunching of the AMM liquidity mining on 7 Jan one may expect bullish surge for the Loopring in the coming days.
NB: This bullish momentum may weaken if the price breaks the S1 support zone.
Conclusion : Loopring is having a good beginning for the year, and it aims to shoot for the moon.
Disclaimer : the analysis is based on my own analytical perspective.you may need to confirm from other analysts too.
Be careful!!!
This article was written on 6 Jan 2021 and the price of Loopring as of now is $0.5084
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