Crypto

Loopring (LRC) price predictions for 2022 – BeinCrypto UK

2021 is nearing completion and the price of BTC is likely to close the year at around $ 50,000. Of course, investors and analysts have made many predictions about how crypto will perform in 2022. That said, nothing is 100% guaranteed. Many networks are also working on promising features and projects, which only feed the predictions.

In this article, we will share with you our 2022 Loopring price predictions. We will do this by analyzing the token and other important factors, in order to provide you with price predictions based on logical assumptions.

Index

  • What is Loopring?
  • It’s a techno
  • LRC token analysis
  • Loopring price predictions for 2022
  • 2022 could be a great year for DEXs

What is Loopring?

Loopring is an open source protocol that allows you to create decentralized exchanges on different blockchains. It was founded by Daniel Wang, a Shanghai-based software engineer.

The protocol aims to bring together the best aspects of the centralized and decentralized worlds. Indeed, it manages the orders centrally, but it clears them decentrally. It does this by providing a set of public smart contracts to execute the orders.

The main reasons why some centralized exchanges choose to decentralize are security and transparency issues. This is because it is possible to lose funds due to hacking, and the fact that the exchange’s internal records are not accessible to the public allows hackers to manipulate the funds or use them for their own purposes.

It’s a techno

The native token of the Loopring protocol is called LRC. Currently, the project has a maximum supply of 1,374 billion tokens. As of this writing, the Loopring crypto is trading at $ 2.29 and its total market capitalization is $ 3.043 billion.

LRC crypto is created through a process called ring mining, during which node owners are rewarded with LRC tokens. The LRC also has a combustion mechanism, which converts part of the charge into LRC and burns it.

The token works on both the Ethereum blockchain and Neo. Each network has its own tokens, so there are LRCs for the Ethereum network and LRCs for the Neo network.

LRC token analysis

The price of the LRC has fallen since it hit an all-time high on November 10. This downward movement led to a low of $ 1.60 on December 4. It continued for 24 days and rose to 58.5%.

However, the token has since recovered and is now in the process of regaining its strength. Even more interesting, we noticed a significant overlap between the November 17 low and the December move. Therefore, the entire downside move (highlighted on the chart) is likely to be part of a corrective pattern on ABC.

In this case, the price of the LRC cryptocurrency will continue to climb to new highs.

A breakout of the current descending resistance line would confirm that there are new highs on the horizon.

Chart by TradingView

Loopring price predictions for 2022

So far, the LRC crypto has seen two main bullish moves (highlighted in white). The first was of magnitude 1,150% and lasted for 230 days, while the second was of magnitude 2,100% and lasted 141 days.

Therefore, the second upward movement, which occurred in 2021, was considerably more pronounced.

Furthermore, the corrections that took place after the bullish movements followed this same pattern. The first was more progressive, while the second was steeper and shorter. Furthermore, both corrections started after the RSI (Relative Strength Index) reached the overbought territory (green circle).

Market cycles typically have five moves, three up and two down. The fifth and last is often the most pronounced of all the movements.

Because of this, we can make a Loopring price prediction by keeping this pattern constant. It is safe to estimate that the final movement will be more pronounced than those that preceded it. This would lead to a new all-time high near $ 55, thus completing the entire market cycle.

Afterwards, the LRC course will probably correct itself. Another interesting piece of information is that the Fibonacci retracement level of 0.5 is very close to its current price. This is the most common level that serves as support after the end of a market cycle.

Therefore, it is possible for the LRC crypto to drop to this level before it finally finds support.

However, it is important to note that the Fibonacci level depends on the exact highest level that will be reached. So it is susceptible to change.

Chart by TradingView

2022 could be a great year for DEXs

Finally, you should know that Loopring is not a decentralized exchange. Rather, it is a protocol that helps create decentralized exchanges. Of course, centralized and decentralized exchanges have their share of problems. However, the Loopring protocol seeks to take advantage of its advantages while minimizing its disadvantages.

As for the price of the Loopring crypto, it is possible that the token has completed its correction, something that it would confirm with a move above its current descending resistance line.

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