Why is Loopring up by more than 6% today?

The cryptocurrency market has experienced a mixed performance over the past 24 hours.

The crypto market has experienced a mixed performance since the start of the week. The market is up by less than 1% in the last 24 hours, with the total market cap currently below the $1.3 trillion threshold.

Bitcoin is trading in the green zone but continues to struggle to surpass the $30k resistance level. Ether is also trading around the $2k level after adding less than 1% to its value so far today.

However, LRC, the native token of the Loopring ecosystem, is one of the best performers amongst the top 100 cryptocurrencies by market cap today.

LRC has added more than 6% to its value in the last 24 hours and is up by 20% over the past seven days.

At press time, LRC is trading at $0.5734 per coin. The major catalyst behind LRC’s ongoing rally is the news that Loopring has processed more than $5 billion in cumulative trading volume. 

As a layer-2 protocol, this latest development is an important milestone for the Loopring ecosystem. 

Key levels to watch

The LRC/USD 4-hour chart is currently bullish as Loopring has been performing well so far this week. The technical indicators show that it is one of the best performers amongst the top 100 cryptocurrencies by market cap.

The MACD line has been above the neutral zone for the past few days, indicating bullish momentum. The 14-day relative strength index of 59 shows that LRC could enter the overbought region if the current market momentum is maintained.

If the rally continues, LRC could break past the first major resistance level at $0.6137 before the end of the day. The second resistance level currently stands at $0.7564 and LRC could surge past it with the help of the broader cryptocurrency market.