The price of Loopring has increased by 4.44% in the past week. The price of Loopring (LRC) has decreased today, currently at $0.292924 at press time with a 24-hour trading volume of $169,003,201. However, the price indicates a drop of -1.1% in the last 24 hours. The circulating supply of LRC coins is 1.2 billion, with a total supply of 1373873397.44246.
Loopring Protocol Partnership with Protocol Gemini
Earlier in the week, the loopring protocol announced its partnership with the Gemini protocol to bring their cutting-edge Web3 games to Ethereum’s Layer 2 solutions. Gemini will elevate on-chain experiences by integrating augmented reality games, metaverses, and escape room experiences.
Their mission will be to empower players to build communities and infrastructure without restrictions by connecting decentralized and virtual worlds to the real-time environment. Perhaps this is the reason the LRC token is surging to new heights in the crypto sphere.
We’re thrilled to announce our partnership with @ProtocolGemini to bring their immersive Web3 games to Ethereum L2🎮💙
Experience the future of NFT gaming with Loopring’s high speed, gas-free, and Ethereum-secure execution environment. #onLoopring
— Loopring💙🏴☠️ (@loopringorg) January 23, 2023
LRC Fundamental Price Analysis
The price of LRC surged from $0.1765 to an all-time high of $1.9 on October 1 during its initial launch stage but failed to sustain those levels and underwent a heavy correction, almost returning to its initial levels of $0.17.
Despite a series of airdrop events conducted by the platform in 2019 and 2020, the LRC price failed to gain traction and hovered between $0.05 and $0.075 for two long years. However, the LRC price soared by 700% to $0.8235, driven by the growing high gas fees of Ethereum.
However, the Chinese market crash on May 19th led to a steady decline in the price. The speculation of Gamestop’s collaboration with Loopring led to a parabolic move from $0.458 to its all-time high of $3.83. Still, adverse market sentiments resulting from the US Federal Reserve’s decision to taper the interest rate led to an annual closure of $2.09.
If you are considering a long-term investment strategy, Loopring may be a viable option due to its plans to expand into the gaming industry.
LRC Technical Analysis: Is LRC a Potential for $1?
The price of LRC bounced back to the bullish side after the market hit its significant support level at $0.20. According to the daily chart above, the market has created a lower high at $0.25, signaling that the bullish trend continues, as indicated by the arrow. Further, the 9 moving average crossover of the 50 EMA confirms the surge in the price of LRC.
If the price of LRC continues the bull run, it should reach the resistance level at 0.375. LRC still needs to get $1 soon. However, the bull run is inevitable until the end of Q1 of 2023, when sharp short retracements are expected.
LRC Price Prediction; Where To Next for Loopring (LRC Token?
LRC is a lucrative investment to engage in over the long term. The bull run will continue into 2024, meeting up with the next BTC halving. The BTC halving might push the prices of altcoins to their original all-time highs or create new ones.
We forecast that Loopring (LRC) may reach the $0.5 price mark by the end of Q1 2023. However, the $1 price mark is still in play up until the end of 2023 and into Q1 2024.
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