If you enjoyed the ride of UPTOBER, Then MOONVEMBER Is Here To Take It To The Moon.
In the overall crypto market, the combined value of all the cryptocurrencies in the world rose from $2.6 trillion on October 27 to nearly $3 trillion, according to Coinmarketcap. Most of this gain was due to the rising value of altcoins.
Let’s see how far the bull will take these altcoins.
LOOPRING PRICE PREDICTION (LRC)
LRC is the Ethereum based crypto token of Loopring, an open protocol created for the building of decentralized crypto exchanges. Loopring is a layer-2 scaling solution for Ethereum, the primary blockchain network for NFT collectibles. It enables faster, cheaper transactions by handling them on a separate blockchain before rolling them all up and committing them to Ethereum’s mainnet. It’s also more energy-efficient than pushing all transactions directly to Ethereum
With zkRollups, Loopring asserts its exchanges can offer faster settlements for traders.
On a zkRollup, there are no gas fees that can fluctuate violently. There is a small percentage fee to do a trade, transfer, or swap. These are less dependent on gas prices, so users have a smoother experience, never paying massive surges, and never waiting for confirmations when the network is overcrowded — settlement is instant on the L2.
The cryptocurrency market just keeps beating out the hits and Loopring is the latest token that has drawn the attention of many traders and investors.
Things really started to heat up over the past week, as LRC is up nearly 272% in that time period. Rumors have been rolling around the Internet that GameStop (GME) is working on an NFT marketplace and that it will be powered by Loopring technology.
In end-October, it was reported that higher Ethereum gas prices could soar further, which is likely to benefit Layer 2 coins. Loopring has been tweeting on that phenomenon as well.
At the time of writing this Loopring price analysis, LRC trades at $2.103 with a 24-hour trading volume of $6,145,476,565.88. The price of LRC has decreased by 6.33% in the last 24 hours.
Rising costs on Ethereum, the world’s largest smart-contract blockchain, appear to be driving investors to coins associated with layer 2 products facilitating faster and cheaper transactions and rival programmable blockchains.
LRC is currently trading in a parallel channel, poking around the middle boundary of its parallel channel. If bulls remain in advantage, it may get its support and rally towards the upper boundary around $3.50.
If LRC slips below the $2.0 psychological level, it could drop to the lower boundary of the parallel channel at $1.910. A drop further could see the Loopring price move down to $1.50. Ensuring the LRC remains above this level will sustain the current bull run that could see LRC rise to tag the new ATH around $2.50 and beyond.
The Relative Strength Index (RSI) is above 73, which means that LRC is in an overbought state. With this traders need to stay cautious while trading, turning away from further losses.
Let us also look at the Simple Moving Average (SMA) and the Exponential Moving Average (EMA), LRC is trading above the SMA and EMA.
Since the start of 2021, LRC’s price has seen many bullish moves which are higher than the previous one. More so, these are followed by fluctuations, consolidation, and corrections right away. Taking this into consideration, LRC has a competitive market this 2021.
FANTOM PRICE PREDICTION (FTM)
Known as an Ethereum-killer, Fantom has been in the market for a good period of time as the platform enables developers to build decentralized applications such as those in the DeFi industry.
Fantom is a high-performance, scalable, permissionless, decentralized, and open-source, and secure smart-contract platform.
It is designed to overcome the limitations of previous-generation blockchain platforms. Fantom tackles the problem at the core: its high-speed consensus mechanism, Lachesis, allows digital assets to operate at unprecedented speed and delivers dramatic improvements over the current systems.
Fundamentals also support the bullish momentum in Fantom. Recently the Fantom conference in Abu Dhabi was held last week. The interest from all over the industry was quite high and maybe we will see many interesting projects take place on Fantom soon.
The partnership with yearn finance, in particular, is very interesting. This partnership expands the DeFi industry further, which is great for Fantom.
Crypto has been quite bullish during October, Fantom uptrend looks strong despite the 30% correction it suffered after reaching new all-time highs($3.50). Now, FTM looks prime to rebound and revisit record highs. looks like it’s going to make new highs soon, so let’s have a look at Fantom.
FTM is currently trading in a parallel channel that has developed on its 4-hour chart since the beginning of October. Every time FTM has risen to this upper trendline, it has been rejected and backtracked to the pattern’s lower end.
Fantom has been one of the most bullish cryptocurrencies in recent months. This crypto was trading at around $0.20 in early August, while toward the end of October it almost reached $3.50, as the increasing interest for the Fantom blockchain network surged.
Further buying pressure around the current price levels could push FTM toward the parallel channel’s middle or upper trendline, where resistance sits at $3.50.
It is worth noting that the support zone between $2.50 and $2.30 should play a vital role in Fantom’s uptrend. A spike in selling pressure that pushes FTM below this crucial support level leading FTM price retrace toward $1.90. The negative divergence on the RSI indicates could be a weakening of the bullish momentum indicating that bears are at an advantage.
The first support on the downside is the earlier breakout level at $2.50. A strong rebound from this level will suggest that bulls are attempting to flip this level into support. If that happens, the FTM could again attempt to rise to $3 and later to $3.48. The overall trend of FTM remains bullish despite some short-term selling pressure. The next target is $3.50 and then $4. So, everything is going well for Fantom and with this bullish reversal of the last three days.