LRC Has Further Upside Potential
Loopring (LRC) has posted a gain of 5.7%, reaching $0.2930 for the week. While this performance is positive, Bitcoin outperformed with a rise of 11.0%, reaching $57,549, marking a new high since December 3, 2021. Bitcoin has gained 35.5% in February, while LRC increased by 27.0%. This suggests that Loopring has further potential for an upside.
Investor concerns arose due to a significant transfer of LRC to Binance, where Loopring creator Daniel Wang deposited 34.88 million LRC ($8.41 million) for a potential sell-off. However, prices of LRC rose significantly after this transfer, and the sell-off did not take place.
If LRC token prices surpass the resistance at $0.3000, there could be further potential towards $0.3500. This represents an additional 19.0% increase from current levels.
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