Altcoin
Get in the loop on whether the signs for Loopring [LRC] are bullish or bearish
While you’re busy looking at Bitcoin, Ethereum, and other top cryptos, you might have forgotten about DeFi tokens that make it possible for audacious traders to bring their own DEXs to life. On that note, Loopring [LRC], the ERC-20 token and exchange protocol, has been seeing some curious metrics of late. Here’s what you need to know.
One ring to control them all?
At press time, LRC was the 68th biggest crypto by market cap and it was trading at $0.5461, after eventually rising by 11.51% in 7 days. This rally has certainly caught the eye of investors who are into DeFi – especially as the asset’s 30-day MVRV ratio turned positive. This is a bullish sign for newer investors.
Source: Santiment
Additionally, LRC supply on exchanges has been falling since around 20 May, which was when LRC’s price dipped. At press time, it appeared that investors were interested in buying the dip.
If that wasn’t enough frenzy, whales began waking up. 23 May saw 44 transactions worth over $100,000 and 24 May already had 22 on record before the day was out. The last time these numbers were crossed was during the mid-May crash. If whales were buying the dip, it’s not surprising that LRC prices fell slightly afterwards.
Source: Santiment
However, there’s some good news for the bulls. Data from TradingView revealed that the Bollinger Bands for LRC were narrowing, meaning that the future could be less volatile for its investors. What’s more, despite the red candle forming at press time, the Awesome Oscillator [AO] was flashing nine consecutive green bars for the asset.
That being said, the AO bars formed below the zero line and were growing shorter by the day. This is a sign that the bullish momentum pushing LRC could come to an end soon.
Source: LRC/USDT on TradingView
TFW the TVL is up
Finally, let’s not forget to check Loopring’s total-value-locked [TVL]. At press time, Loopring ranked 76th in terms of TVL, according to DeFi Llama. With a TVL of $227.69 million at press time, Loopring rose by 2.37% in the past day and appreciated by 9.27% over the past week.
However, it has lost 26.19% of its value over the month as both Bitcoin and Ether floundered.
Source: DeFiLlama
