The scaling solution for Ethereum‘s technology, Loopring (LRC), is among the altcoins recording significant gains in line with the dominant bullish trend in the cryptocurrency market. Crypto analyst AlanSantana assessed that the basic technical indicators for LRC are pointing upward and made a bold prediction.
In a post shared on TradingView on December 10, crypto analyst AlanSantana claimed that Loopring’s LRC is ready for a potential bull breakout and could potentially rally by 500%. According to the analyst’s analysis, the current investor optimism around LRC’s momentum indicates a gradual consolidation that is setting the stage for a significant upward movement.
AlanSantana emphasized that the positive outlook for the altcoin spans various time frames and suggested that the successive target price levels could be $0.32, $0.43, and $0.53 respectively. The analyst noted that LRC has a tendency to move quickly and powerfully and that consolidation phases could last for months, but in breakout scenarios, the price could increase by 100% in just one day.
AlanSantana pointed out that Loopring’s rise has been supported by a relatively high Relative Strength Index (RSI) since October 19. Despite the strong RSI, the altcoin’s price is above the low level of early November 2022. The analyst considered this a positive sign and stated that there is a dominant bullish trend in the market and the chances of rising are still strong.
In addition to technical indicators, AlanSantana also highlighted Loopring’s strategic partnerships and efficient network usage as factors that could contribute to the price’s future increase. As an example of the strategic partnerships that the analyst pointed out, Loopring’s collaboration with video game retailer GameStop can be mentioned. This partnership involves Loopring providing the necessary infrastructure to facilitate NFT transactions within the GameStop ecosystem.