Looping Price Prediction: Will On-Chain Activity Start to Pump LRC?

The crypto space began on a high note this year, before taking a turn towards end of January showing signals of a bearish 2022. Today, the entire crypto space is vigorously bearish, reporting multiple mini-crashes across the market. Loopring (LRC) is one of the affected Altcoins caught in the middle of the prevailing aggressively bearish market. Will Loopring price jumpstart a recovery?

July began with a rather powerful bullish move for Loopring price which is 7% with signs of what would have been a continued ascension Northward. In fact, by July 8 there were signs that the month would end with impressive LRC price gains. Nonetheless, today’s trading session is a reminder that the downtrend can still cancel out all the gains made. LRC is off 3.8% on the day with an intraday session indicating a prolonged trend downwards. 

Loopring and Its Blockchain Activities

Loopring is a layer 2 protocol built on the Ethereum (ETH) blockchain and is designed to make the blockchain more accessible.It operates as an open-source, audited, and non-custodial exchange protocol focused on allowing users to develop non-custodial, decentralized exchanges through a popular means of enhancing privacy in crypto, zero-knowledge proofs (ZKP). 

One of the most notable developments for the blockchain company is the Ethport[c], a Bridge product across L1, L2 and CEX, developed by fusing components of its existing toolkit. It is designed to ease the interaction between L1 and L2 by batching multiple L1 transactions as a way to share the cost of L1 gas. 

Close to the Loopring bridge idea, Loopring also sets up the role of liquidity provider on L2. However, considering the funding efficiency of the liquidity provider, Loopring has developed the Single Phase Converter (SPC).

Will On-chain Activity Trigger an Uptick in Loopring Price?

Loopring price appears to be pulling back to continue its long-term downtrend. The price is down 3.9% in the last 24 hours as on July 13, to trade at $0.36 with the likelihood of a prolonged bearish move. LRC’s market cap stands at $493,091,966, having dropped by 2.39% over the same period. 

Despite increasing on-chain activity on the Loopring blockchain, LRC’s price action has been drabbish. The token has been stuck in a tight range between $0.31 support floor and the 50-day SMA currently sitting at $0.43. Bulls will now try to push Loopring’s price upward to fight the resistance from the 50-day SMA.

Overcoming this barrier would pave the way for a climb to the $0.50 psychological level. Above this, a rise to the $0.67 range high would be the next logical move. Such a move would represent an 82% climb from the current price.

LRC/USD Daily Chart

Loopring price chart - July 13

Conversely, the downward movement of the RSI and the diminishing volume suggested decreasing investor interest. The resultant head winds may push the scaling token lower toward the $0.31 support floor. Below that, the LRC may slide below the $0.3 psychological level toward $0.25. 

Investors could expect LRC price to take a breather here, giving sidelines bulls to buy Loopring

A part from LRC, a hot crypto to buy right now is Battle Infinity (IBAT), a metaverse-focused Play-to-Earn games platform. The blockchain company launched its presale on Monday with a hard cap of 16,500 BNB.

Battle Infinity platform integrates gaming with the metaverse and blockchain, providing a completely decentralized experience that gives users and creators direct ownership of their in-game items in a completely transparent and tamper-proof ecosystem. Battle Infinity provides its users with a completely secure and limitless immersive experience. It is a gaming platform made up of multiple P2E (Play-to-earn) battle games, providing users with they have referred to as the “Multiverse of the Metaverse”. The Battle infinity platform has six different products designed to form a complete platform ecosystem that is efficient, handy, and easy to use, giving the potential to become the next Axie Infinity.

Battle Infinity brings fantasy sports Play-to-Earn (P2E) games that will attract more users and widen the scope for the metaverse. You can participate in the presale today by buying as little as 0.1 BNB worth of our IBAT token or as much as 500 BNB. All you have to do is to load up your MetaMask wallet with BNB, connect and buy yourself some IBAT tokens.

Built on the Binance Smart Chain (BSC), the project is using a fixed BNB/USD exchange rate of $250; meaning the ecosystem’s IBAT token is being offered for sale at $0.0015.

If you want to participate in the IBAT presale, it is worth knowing that there are only 90 days from July 11 to get onboard.

With such positive news from the industry, the value of Polygon should continue to grow, given the efforts put in by the developers of the Polygon network and investors supporting it.

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