The cryptocurrency market is currently retracing following recent losses, but Loopring (LRC) has surged by more than 40% over the past 24 hours.
The cryptocurrency market has rallied since the start of the week, with Bitcoin, Ether and several other coins hitting new all-time highs. However, there is a slight retreat in the prices of most coins as the market retraces.
Bitcoin is down by 2% over the past 24 hours, while Ether has lost 1.8% of its value during that period. Despite Bitcoin and most of the altcoins currently trading in the red zone, Loopring has outperformed every cryptocurrency in the top 100 by market cap at the moment.
At press time, LRC is up by 40% against the US Dollar and is trading above the $3 mark. Over the past seven days, LRC has added more than 90% to its value. The rally was caused by rumours circulating about a potential partnership with GameStop on an upcoming NFT marketplace.
GameStop became a popular meme stock a few months ago and has drawn the attention of some crypto investors and traders due to its performance earlier this year. As a popular gaming brand, GameStop potentially partnering with Loopring on an NFT project has sent LRC’s price soaring higher in recent days.
Key levels to watch
The LRC/USD 4-hour chart is one of the most bullish in the cryptocurrency space, thanks to the token’s performance. With an RSI of 82 and the MACD line within the positive territory, the technical indicators show that LRC is very bullish at the moment.
LRC just crossed the $3.2 pivot point, having established strong support just above its 100-day simple moving average at $1.57.
What to expect
LRC could rally over the coming hours if the coin maintains the current momentum. The cryptocurrency could look to move past the $3.5 resistance level over the coming hours after recently crossing the $3.2 pivot point.
In the event of an extended rally, LRC could hit the $4 mark before the end of the day. However, the cryptocurrency could also retrace after rallying by more than 40% over the past 24 hours.