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Loopring has managed to both impress and disappoint its investors for more than three months.
Most of the altcoins rallied after the recent crash to cancel the losses. However, some of the altcoins were unable to start a rally due to the lack of buying pressure.
Now, Loopring was in the middle of these two categories. It did not witness a rally or suffer loss.
Stuck in its own loop
Despite all the volatility recorded since the June crash, LRC has somehow managed to stay alive. As of press time on August 3, it was trading at $0.41. It was, arguably, a low point for the altcoin exchange.
The first sign of LRC breaking out of these lows would come when LRC manages to close above the $0.45 level, which it has tried and failed many times now.
Enable prices | Source: TradingView – AMBCrypto
But Loopring may be able to escape this dilemma thanks to the support of its investors. Surprisingly, in the case of Loopring, investors achieved a rare feat of not selling and exiting the market after the altcoin hit lows.
Instead, these holders continue to hold their LRC, consequently their dominance began to skyrocket.
Immediately after the crash, within a month, the numbers of Cruisers (medium-term holders) increased from 51 thousand to 67 thousand. Thus, increasing their dominance from 36% to 45%.
Search MTH addresses | Source: Intotheblock – AMBCrypto
Responsible for owning almost 80% of the entire LRC supply, this group was vital in preventing the fall of Loopring. Now, the only hope is that their patience does not run out due to the prolonged price consolidation.
Loop power distribution | Source: Intotheblock – AMBCrypto
Right now, price indicators are signaling the possibility of an incoming rally, provided the altcoin is not hit with broader bearish market signs.
At press time, the Average Directional Index (ADX) was nearing the 25.0 mark, which would be a sign of strength for the active trend.
Since, at the moment, it is an uptrend, Loopring is safe. And, after a week of falling prices, the same is expected in the coming days. (ref. Repeat value action image).
Furthermore, once the Relative Strength Index (RSI) can hold in the bullish zone above the neutral line, the LRC will be able to advance.
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