The cryptocurrency market has skilled a combined efficiency over the previous 24 hours.
The crypto market has skilled a combined efficiency for the reason that begin of the week. The market is up by much less than 1% within the final 24 hours, with the overall market cap at the moment under the $1.3 trillion threshold.
Bitcoin is buying and selling within the inexperienced zone however continues to battle to surpass the $30k resistance stage. Ether is additionally buying and selling across the $2k stage after including much less than 1% to its worth up to now today.
However, LRC, the native token of the Loopring ecosystem, is among the finest 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 improvement is an necessary milestone for the Loopring ecosystem.
Key ranges to observe
The LRC/USD 4-hour chart is at the moment bullish as Loopring has been performing effectively up to now this week. The technical indicators present that it is among the finest 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 may enter the overbought area if the present market momentum is maintained.
If the rally continues, LRC may break previous the primary main resistance stage at $0.6137 earlier than the top of the day. The second resistance stage at the moment stands at $0.7564 and LRC may surge previous it with the assistance of the broader cryptocurrency market.
