After some positive price action during the first days of 2022, Loopring (LRC) is tumbling fast. The coin has seen a massive sell-off in 24-hour intraday trading today, losing nearly 18% in value. These losses have wiped out the bullish uptrend we say last week, bringing total losses over 7 days to around 16%. But is Loopring (LRC) still viable for investors today? Well, here are some highlights first:
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Loopring (LRC) saw positive bullish momentum a few weeks ago after emerging as one of the early adopters of ZK-roll ups.
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Hawkish fed policy from FOMC minutes released yesterday appears to have put extra downside pressure on LCR.
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The correction we have seen today is likely to continue as all indicators point towards a bearish outlook in the near term.
Data Source: Tradingview.com
Loopring (LRC) – price action and prediction
The crypto market started the day largely in the red in response to FOMC minutes that point towards hawkish monetary policy by the Fed. Although the LRC wipe out had something to do with broader sentiment in crypto, right now other indicators suggest that the coin is headed for more downside.
At the time of writing, LRC was trading at around $1.68, down nearly 18% for the day. The $1.6 mark is the current support, and if LRC cannot sustain gains above that, we could see it tank back to $1 in a few days. Based on current trends, it is likely that a sustained downside trend towards $1 will be the outcome.
Should you buy Loopring (LRC)
Despite this correction, Loopring (LRC) still remains a decent investment. In fact, the fact that the platform was an early adopter of ZK-Rollups to help enhance transaction speeds on the network is a sign that the future is bright. But wait for the current downtrend to take this token to $1. That would be the perfect dip to buy for the long run.