`LRC Price Prediction: Is a Rally on the Way for the Fledgling Altcoin?

LRC Price Prediction: Is a Rally on the Way for the Fledgling Altcoin?

Updated: 03 February 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

LRC, the Loopring network’s native token, has been hit harder than many other altcoins as the broader crypto market appears to be consolidating once more. However, is there any hope for the asset? Or should investors consider other profitability avenues?

LRC Slumps on Daily Timeframe

With coin prices losing steam, the crypto market appears poised for a weekly lower close – its first in about four weeks. Recent developments from the traditional economy have left investors with mixed sentiments, and while the market has tried to rebound, a drop seems more likely.

Overall, the entire market is down by 0.97% in the past 24 hours. LRC, which currently trades at $0.4062, is also experiencing a downtrend of 5.60% in the same period.

As expected, the price slump has affected the technical strength of LRC as well. The asset is currently trading close to its short-term moving average (MA) indicators, with the 10-day MA standing at just $0.5071. However, the long-term MA indicators appear to be even farther above its price – LRC’s 200-day MA is $0.4178.

Depending on the market’s recovery timeline, investors might have to wait a while to see this asset surge enough to reclaim these grounds.

A negative moving average convergence divergence (MACD) shows that LRC is giving off a sell signal, and the asset’s relative strength index (RSI) has also sunk to 36.74. LRC is underbought, and a short-term rally could be very bullish for investors looking to buy in.

LRC Depends on Broader Market

Loopring is an Ethereum-based software that seeks to incentivize a global network of users to develop new types of cryptocurrency exchanges. The platform, an emerging decentralized finance (DeFi) protocol, uses a variety of assets, including its own LRC token, to enable the development of exchanges.

The developers of Loopring claim that their software can help exchanges to sidestep transaction latency and high costs associated with decentralized exchanges on Ethereum thanks to the use of zero-knowledge (ZK) rollups.

LRC, the network’s native token, powers operations on the protocol. The digital asset incentivizes proper network use by serving as collateral and a deterrent for all network operators to act in good faith. Investors who want to run an exchange on Loopring must lock up at least 250,000 units of the token.

The Loopring network has seen few fundamental developments thus far, meaning that LRC appears to be moving with the market. And as the market continues to waver based on the economy, investors would be looking to see how it performs in the long run.

Loopring Partners with Protocol: Gemini to Build Web3 Gaming Future

One such fundamental growth is the recent announcement of a partnership with a fellow Web3 platform. According to a Medium post, the Loopring protocol has been earmarked as a development hotbed for Protocol: Gemini’s growing line of immersive Web3 games.

Loopring’s popularity as a low and gas-free NFT minting has made it the home for the next generation of blockchain-centric entertainment.

LRC Alternatives

Despite LRC’s uncertain future, the market continues to flood with different assets that offer interesting opportunities for gains. The Meta Masters Guild’s native token, MEMAG, has recently captured the attention of investors.

The Meta Masters Guild is looking to create an ecosystem of games, each of which will operate autonomously and use its native MEMAG token in different ways. The objective is to create as many use cases for MEMAG as possible, ensuring that the asset is able to continue enjoying gains over time.

MEMAG is currently available for presale, and it is one of the most attractive new coins on the market, having raised over $2.69 million in a matter of weeks. The digital asset is now in its fifth presale stage, and interested investors can purchase it for $0.019.

Buy MEMAG