The cryptocurrency market has skilled a combined efficiency over the previous 24 hours.
The crypto market has skilled a combined efficiency because the begin of the week. The market is up by much less than 1% within the final 24 hours, with the overall market cap presently beneath the $1.3 trillion threshold.
Bitcoin is buying and selling within the inexperienced zone however continues to wrestle to surpass the $30k resistance degree. Ether is additionally buying and selling across the $2k degree after including much less than 1% to its worth to this point today.
However, LRC, the native token of the Loopring ecosystem, is among the best performers amongst the highest 100 cryptocurrencies by market cap today.
LRC has added more than 6% to its worth within the final 24 hours and is up by 20% over the previous seven days.
At press time, LRC is buying and selling at $0.5734 per coin. The main catalyst behind LRC’s ongoing rally is the information that Loopring has processed more than $5 billion in cumulative buying and selling quantity.
As a layer-2 protocol, this newest growth is an necessary milestone for the Loopring ecosystem.
Key ranges to look at
The LRC/USD 4-hour chart is presently bullish as Loopring has been performing properly to this point this week. The technical indicators present that it is among the best performers amongst the highest 100 cryptocurrencies by market cap.
The MACD line has been above the impartial zone for the previous few days, indicating bullish momentum. The 14-day relative power index of 59 reveals that LRC might enter the overbought area if the present market momentum is maintained.
If the rally continues, LRC might break previous the primary main resistance degree at $0.6137 earlier than the top of the day. The second resistance degree presently stands at $0.7564 and LRC might surge previous it with the assistance of the broader cryptocurrency market.
