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Loopring (LRC) Crypto is going up today

Over 24 hours on Monday morning, Loopring LRC jumped 43.27 percent to $0.82. Over a seven-day trailing period, the Ethereum ETH Layer 2 token has risen 90.66 percent.

Loopring (LRC) Crypto is going up today

Image Source: Coin Gecko

Over the last 24 hours, LRC has gained 43.48 percent against Bitcoin BTC and 44.71 percent against Ethereum ETH.

LRC has a market cap of $1.07 billion, putting it in the ninety-ninth position on CoinMarketCap’s list of the top cryptocurrencies. LRC has increased by 361.47% since the beginning of the year. In January 2018, the token hit an all-time high of $2.59. It was trading 68.69 percent below that level at the time of publication.

At the time of publication, retail investors were showing a lot of interest in Loopring. On Stocktwits, it was the most popular ticker. According to a post on GameStop Due Diligence, a website focused on the corporation, a leak in the Loopring GitHub public repository appears to indicate a probable collaboration contract with GameStop Corporation GME +6.78 percent for a non-fungible marketplace.

It was predicted at the end of October that increasing Ethereum gas prices could rise even higher, benefiting Layer 2 coins. Loopring has also been tweeting about the phenomenon. Between October 1 and November 1, the average Ethereum transaction fee increased by 101.26 percent, from $23.79 to $47.88.

Would Loopring (LRC) be a good buy in November 2021?

Since the beginning of October 2021, Loopring LRC/USD has risen from $0.36 to $0.58, with the current price at $0.53. Loopring provides the most secure scaling mechanism in the industry and can handle thousands of requests off-chain.

Loopring has demonstrated that non-custodial technology can match the speed of custodial alternatives while also achieving transaction costs that are a fraction of on-chain costs.

Loopring can handle thousands of requests off-chain with verifiably correct execution, and it’s crucial to note that assets are always in the hands of the users.

Loopring, according to its official website, boasts the industry’s most secure scaling method, which is independent of external validators, consensus, or crypto-economic assumptions. As a result, poor exchange and payment applications are impossible.

Loopring (LRC) is still in the buy zone on a technical level; however, if you decide to buy this cryptocurrency in November 2021, you should employ a “stop-loss” order because the risk is still significant.

LRC is currently trading below its previous highs, but if it rises above $0.60 resistance, it will indicate that it is time to trade. The next price objective might be about $0.70 or perhaps higher; however, a break of the $0.40 support level would be a strong “sell” signal.

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Also read: Investors cannot sell SQUID tokens after a 110,000% spike, raising too many red flags

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