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жаңартылған: Сейсенбі, 2 мамыр 2023 11: 51

Since April 14, 2023, Loopring (LRC) has dropped from $0.42 to $0.32, and the current price stands at $0.34. Bitcoin and other cryptocurrencies remain under pressure as traders anticipate the Federal Reserve’s monetary-policy decision this Wednesday.

So, what lies ahead for the price of Loopring (LRC), and what can we expect from May 2023? In this article, CryptoChipy will explore LRC price predictions through both technical and fundamental analyses.

Please keep in mind that several factors should be taken into account when entering a position, such as your investment time horizon, risk tolerance, and available margin if trading with leverage.

Тікелей өтіңіз [жасыру]

1 Focus on the Security and Sovereignty of User Assets
2 Attention on the Fed’s Monetary-Policy Decision This Wednesday
3 Technical Overview for Loopring (LRC)
4 Key Support & Resistance Levels for Loopring (LRC)
5 Factors Supporting an Increase in Loopring (LRC) Price
6 Indicators of a Potential Decline for Loopring (LRC)
7 Insights from Analysts and Experts

Focus on the Security and Sovereignty of User Assets

Loopring is an open-source exchange and payment protocol designed for low-cost trading and payment on Ethereum. Ensuring the security and sovereignty of user assets is a top priority for Loopring, ensuring that exchange and payment applications cannot access or compromise user funds.

Users can access Loopring’s decentralized exchange and payment platform via the Loopring Layer2 App, which operates on the Loopring protocol, managed by the Loopring relayer.

This app provides gas-free, high-speed, and secure trading, and it’s important to mention that users can also use the Loopring Wallet for activities such as swapping on the AMM, trading, investing in DeFi, and making payments to anyone, anywhere.

LRC serves as the utility token within the Loopring protocol, incentivizing desirable behavior from liquidity providers, insurers, and DAO governors. LRC is essential for critical operations on the protocol, and anyone aiming to run a decentralized exchange on Loopring must lock up a minimum of 250,000 LRC.

Although the project’s popularity is increasing, its future success will largely depend on how flexible its strategy is in adapting to competition. Loopring competes with major players, and cryptocurrency regulations pose an additional threat to its success.

рейтинг: 9.29/10
Жеткізу: 1,330,000,000 / 1,374,513,896
Шығару күні: Қыркүйек 1, 2017

Анықтама: Buy LRC, the utility token of the Loopring project!

Тәуекел туралы ескерту: Trading, buying, or selling cryptocurrencies carries substantial risks and is not suitable for everyone. Only invest what you can afford to lose.

›› Read Loopring review ›› Buy or Sell LRC here

Attention on the Fed’s Monetary-Policy Decision This Wednesday

The cryptocurrency market remains under pressure as this trading week begins, with traders positioning themselves ahead of the Federal Reserve’s monetary-policy decision this Wednesday.

The federal funds rate is currently in the range of 4.75% to 5%, the highest level since 2006. The key question remains how long the Fed will maintain its restrictive policy to combat inflation. Some analysts warn that the Fed could keep interest rates at elevated levels for an extended period, potentially leading to a recession that may negatively impact financial markets.

“If the Fed signals that it’s not done raising rates, all bets are off for crypto and other risk assets. If the Fed suggests a pause in rate hikes, it could spark a bullish rally,” said Antoni Trenchev, Co-founder and Managing Partner of Nexo.

According to Morgan Stanley, global growth is expected to slow this year, and financial markets are likely to face turbulence in the coming weeks. Wells Fargo analysts predict a 10% correction in the U.S. stock market, and historically, such declines often spill over into the cryptocurrency market.

Traders should note that a crypto sell-off could gain momentum if Bitcoin falls below the $25,000 level, in which case Loopring (LRC) may also drop to lower price levels.

Given the extreme volatility of the cryptocurrency market, investors should adopt a cautious approach, as accurately predicting short-term price movements is challenging, let alone establishing a long-term price target.

Technical Overview for Loopring (LRC)

Since April 14, 2023, Loopring (LRC) has dropped from $0.42 to $0.32, with the current price standing at $0.34. LRC could struggle to maintain levels above $0.30 in the coming days, and if the price falls below this mark, a further decline to around $0.25 may be expected.

Key Support & Resistance Levels for Loopring (LRC)

The chart from July 2022 highlights crucial support and resistance levels that can help traders understand potential price movements. While Loopring (LRC) remains under pressure, a price move above the $0.40 resistance could push the token towards the $0.45 or even the $0.50 level.

The current support level is $0.30, and breaking this level would signal a “SELL” recommendation, with the next target being $0.25. If the price drops below $0.20, which is a significant psychological support level, the next target may be around $0.15.

Factors Supporting an Increase in Loopring (LRC) Price

Despite a challenging market in recent hours, some factors could push Loopring (LRC) higher. The market currently expects a 25-basis-point interest rate hike from the Fed at its May 3 policy meeting, with traders closely watching comments from Fed Chair Jerome Powell on how long this hiking cycle might last.

Any news suggesting that the Fed may ease its hawkish stance is seen as a positive sign for cryptocurrencies, potentially enabling Loopring (LRC) to rise from its current price level if the Fed indicates it has completed its rate hikes.

Indicators of a Potential Decline for Loopring (LRC)

Loopring (LRC) has faced pressure since April 14, and despite potential positive developments, investors should remain cautious and prepared for another potential downward move.

Given the ongoing macroeconomic uncertainty, including synchronized policy tightening aimed at containing high inflation, worsening financial conditions, and disruptions caused by Russia’s invasion of Ukraine, investors should approach this market with caution.

The current support level for LRC stands at $0.30, and if the price falls below this level, further downside to $0.25 or below could be expected.

Сарапшылар мен сарапшылардың пікірлері

The fundamentals of Loopring (LRC) are closely tied to the overall cryptocurrency market, and the effects of the 2022 crypto crash, rising U.S. inflation, and interest rate hikes have yet to subside.

The U.S. central bank is expected to raise rates by 25 basis points, bringing the federal funds rate to the 5.00%-5.25% range this Wednesday. Analysts are concerned that aggressive Fed policies could push the economy into a recession, negatively affecting corporate earnings and financial markets.

According to crypto analytics firm The Block, investor sentiment has declined once again, which may indicate further downside for Bitcoin. As a result, Loopring (LRC) could struggle to maintain its current support level of $0.30.

Жауапкершіліктен бас тарту: Cryptocurrency trading is highly volatile and unsuitable for all investors. Never invest money you cannot afford to lose. This information is for educational purposes only and does not constitute investment or financial advice.

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