Huobi x CoinMarketCal A Coin To Keep An Eye On — Loopring!

This article was first published on Huobi Group - Medium
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Huobi x CoinMarketCal 👀A Coin To Keep An Eye On — Loopring!

🔹What is Loopring?

LRC is an ERC-20 token that describes itself as “an open-sourced, audited, and non-custodial protocol.” Loopring is an Ethereum zkRollup protocol — a type of layer 2 scaling solution. Layer 2s are an environment that sits above Ethereum, where transaction throughput can be increased, and transaction cost can be decreased. From a user’s POV, that means faster, cheaper, gas-free transactions.

🔹WIN YOUR PRIZE NOW!🔹

📅 The upcoming event via coinmarketcal.com!

🔹LRC —Jan 7th, Liquidity Mining Event!

LRC | USDT — JAN 3RD, 23:23 EST, 1 Day Chart!

📈 Analysis

LRC lifted off last Sunday, with the impulse sweeping the swing highs into resistance up to $0.2789.

If the price retraces now that it has taken highs, aggressive bulls could look for entries at the recently broken highs between $0.24692 and $0.22406. A deeper retracement that fills the gap down to the monthly level at $0.20138 provides a better entry, with any quick drops below the monthly open at $0.17503 providing the most favorable entries.

Continuation through the current resistance around $0.284 is likely to explode through the remaining daily highs stacked up to $0.30829. There’s no telling how far the price could go beyond this high, but the plethora of daily swing highs from 2018’s bear market provides additional take-profit zones....

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