June has been a very hard month for cryptocurrencies. We have seen Bitcoin fall close to $20,000 and other altcoins get closer to their all-time lows. However, there are some projects such as Loopring (LRC) that continue to attract new users and investors.
There is a chance for Loopring to recover in the future and to start a new bull run as soon as the crypto market recovers from the current downtrend. Thanks to its experience in the market, Loopring is in a relatively strong position compared to other altcoins. Let’s have a look at what Loopring is and LRC price prediction.
What is Loopring (LRC)?
Loopring is one of the virtual currencies released during the bull market of 2017. This token runs on the Ethereum blockchain and the goal is to offer the possibility to create decentralized exchanges for traders to buy and sell virtual currencies without relying on a centralized party.
Decentralized exchanges are quite effective allowing users to reduce their involvement with exchanges that could freeze funds or that could perform wash trading. There are many other downsides that could be applied to centralized exchanges and that have affected their reliability. This is why there are several investors searching for new ways to engage with the crypto market, and Loopring is making it easier for developers to create new and reliable solutions.
LRC tipping point
Loopring shows that it continues to expand in the market despite the current hard times for the crypto industry. The project informed that they are now working with GameStop and Loopring’s L2 solution to power GameStop NFT Marketplace. This shows that Loopring is working hard to make it possible for projects to release new solutions on top of its network.
But let’s talk about how LRC has performed in the market in the last few years. CoinMarketCap has tracked its price since it was released in 2017 and we see that there have been different periods for LRC.
As you can see in the image above, LRC started the bull market in 2017 quite well and the price of the token skyrocketed to $2 per coin. However, the bear treend has also had an impact on LRC.
We can see that the virtual currency bottomed between 2019 and 2020 before starting a new bull market. This has allowed the virtual currency to start a new bull trend in 2021 (as the whole crypto market) and in later 2021, when the coin surged to new highs and surpassed $3 per coin.
Over the last years, these have been the yearly highs for Loopring (LRC):
- 2017: $0.4586
- 2018: $1
- 2019: $0.10
- 2020: $0.26
- 2021: $3.37
- 2022: $1.63
It would be very important to follow the price action of LRC in the coming months and see how this virtual currency could behave, especially during a bear market like now.
Loopring (LRC) Price Prediction – How Much can LRC price increase in 2022?
It is now time to analyze what could happen with LRC in the coming months, especially in 2022. This is why we rely on TradingView analysts to have a look at this digital asset and its technical analysis.
- This cryptocurrency analyst saw the virtual currency in an ascending channel that could have pushed the coin towards $0.81. However, this did not happen. Indeed, LRC has broken below that ascending channel and was traded sideways for some weeks. In recent days, with the market dump, LRC has fallen to $0.34. The next long-term support level is at $0.32.
- This trading expert considered that Loopring was in a symmetrical triangle that had been broken in early June. Indeed, he expected that to happen and investors to take profits at close to $0.4366 per coin. Despite the fact that the coin has broken below that level, the prediction was quite accurate.
- Artem_Dishel believed that there had been a large volume at the top (close to $0.60) and then, the coin started to move lower. Once the coin broke below the support level shown by the analyst in the chart, LRC entered a new bear trend that pushed its price to $0.37.
- Continuing with the analysis for Loopring, this long-term trader believes that LRC is at the bottom of a widening wedge that continues to be respected since 2020. Therefore, the analyst considers that there is a possibility to have bottomed in recent days and that there could be a push towards $20 in the future.
- This cryptocurrency trading expert sees that LRC could fall towards $0.23 in the near future before starting a recovery phase that could push this virtual currency to $1.12 per coin. The buying area that he described in the chart is between $0.42 and $0.32.
What can you do with LRC token? What is the token utility of LRC?
It is very important to understand what can be done with the LRC token. First of all, this virtual currency is used on top of the Loopring network. That means that it is used to power all the different interactions between market participants.
Secondly, the LRC token is also a token that can be used for governance purposes. Cryptocurrency projects have been heavily pushing for investments in governance tokens that make it easy for network participants to take part in different activities.
Finally, users can stake their coin in Loopring 3.0 and receive rewards or reduce fees while using different decentralized exchanges. Hence, there are many use-cases for this virtual currency that could have a large impact on the community.
What would be a decent LRC Price prediction for 2022?
Considering all that has happened in recent months, 2022 seems to be a year in which virtual currencies should move lower. Indeed, since November 2021, the market has entered a bear trend and LRC is following the general trend of the cryptocurrency market.
Due to this reason, predicting a higher price for LRC in the future seems quite difficult, at least in 2022. We could eventually see LRC recovering but it might be quite difficult for it to surpass its previous all-time high of $3.37 in 2022. It might be certainly possible for LRC to recover and get closer to $1. But if the bear trend continues, we might then reach the bottom that we have seen in 2021 at $0.20.
Can LRC Price reach $5?
In the future, LRC could eventually hit $5 per coin. This would depend on many things. The cryptocurrency market has seen the expansion of a large number of virtual currencies over the last years, and Loopring showed that, despite a multi-year bear trend, it was ready to hit new highs as it did in late 2021.
Volatility has been very common for LRC. Hence, we can see LRC falling to $0.20 in 2022 and see LRC recovering towards $1 and starting a new bull trend with the whole cryptocurrency market. Everything will depend on the sentiment in the market and the flow of money towards digital assets (especially altcoins as a way to diversify crypto portfolios).
Based on the estimations, here are the following price predictions for LRC.
- LRC price prediction for 2022: $0.20 – $1
- LRC price prediction for 2023: $0.05 – $1.5
- LRC price prediction for 2024: $0.50 – $2.5
- LRC price prediction for 2024: $1 – $3+
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