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A scaling solution that utilizes the technology of Ethereum, the largest smart contract platform, Loopring (LRC) is among the altcoins recording notable gains parallel to the dominant bull trend in the crypto market. Crypto analyst AlanSantana evaluated that the basic technical indicators for LRC point upwards, making a bold prediction.
Expecting LRC to Rise Up to $0.53
In a post on TradingView on December 10, crypto analyst AlanSantana claimed that Loopring’s LRC is ready for a possible bullish explosion and could potentially rally 500%.
According to the analyst’s analysis, the current investor optimism surrounding LRC’s momentum suggests a gradual consolidation, setting the stage for a significant upward movement. AlanSantana highlighted that the altcoin’s positive outlook spans across various time frames, and suggested sequential target price levels could be $0.32, $0.43, and $0.53.
In his analysis, AlanSantana stated, “Loopring is just gaining momentum (slowly growing). The momentum is quite strong. It looks pretty good in all terms, short, medium and long. The price has hit the bottom, so I expect it to grow in the long term, rising to higher peaks and making rising bottoms.”
The analyst, who noted that the fact that LRC has a historical trend to move fast and strong was the background of his bullish comment, underlined that while consolidation phases may take months, in breakout scenarios, the price could rise 100% even in a single day.
Loopring’s Strong Outlook
The analyst, comparing this latest analysis with his previous one on November 3, drew attention to the fact that Loopring’s rise has been supported by a very high Relative Strength Index (RSI) since October 19. Despite the strong RSI, the altcoin’s price is above the low level at the beginning of November 2022. He pointed out this as a positive sign and suggested that the chance of rising is still strong and there is a dominant bullish trend in the market. AlanSantana also emphasized the importance of trading volume, noting that the recent increase in volume is well above the average trading volume observed in the last seven months.
In his evaluation for the trading volume, he said, “Recently, the trading volume is 3, 4, 5 times higher than the average of the last 7 months. This clearly shows us that bulls, smart money, and emotionally balanced people are already buying LRC. A surprise rise wave will follow this and the target will be 500% or more.”
Along with strong technical indicators, AlanSantana also highlighted Loopring’s strategic collaborations and effective network usage to increase the price in the future. Loopring’s collaboration with video game retailer GameStop can be given as an example of the strategic collaborations that the analyst drew attention to. This collaboration involves Loopring providing the necessary infrastructure to facilitate NFT transactions in the GameStop ecosystem. At the same time, Loopring enables off-chain transaction consensus by relying on its base technology. This approach is designed to offer faster and more cost-effective transaction fees compared to competitors like Ethereum that face high transaction fees.
