The founder and former CEO of Loopring, an open protocol designed for creating decentralized crypto exchanges, Daniel Wang has caused panic among altcoin project investors with his recent actions. On-chain data provider Spot On Chain reported that Wang has deposited $8.41 million worth of LRC to the largest cryptocurrency exchange Binance in the last 24 hours.
Deposits 34.88 Million LRC to Binance
According to Spot On Chain, Loopring’s founder and former CEO Wang has deposited 34.88 million LRC to Binance exchange at an average price of $0.241 per LRC in the last 24 hours. This move of transferring LRC to Binance indicates a direct sale. The on-chain data provider noted that Wang received the mentioned tokens from the Loopring Foundation on December 29, 2023.
Although the price of LRC has risen by about 5% over the last 7 days, at the time of writing this article, it has seen a 1.32% decrease in the last 24 hours, trading at $0.2381. It’s worth noting that the trading volume of the altcoin has decreased by 17.08% in the last 24 hours, sitting at $9 million.
Loopring Price Analysis
Despite facing a slight pullback after the founder and former CEO’s substantial sale, Loopring’s LRC is showing strength by trading above the support level of $0.223.
From a technical perspective, the first critical threshold for LRC appears to be $0.242. Should the price surpass this threshold, it is expected to rise first to the pivot level of $0.2583 and potentially climb to $0.3373 if the upward trend continues. The fact that the recent peak was recorded at this threshold indicates a need for a strong breakout. A firm breakout above the $0.3373 threshold could lead to continued upward movement, with sequential target levels of $0.4091 and $0.4964 anticipated.
