Loopring price jumps 14% as daily volume skyrockets

• Loopring (LRC) has surged more than 14% in the past 24 hours.
• The native token of the Ethereum-based layer-2 scaling solution has also seen a massive jump in daily trading volume.
• If bulls hold onto gains, LRC price could target highs of $0.44 in the short term.

Loopring (LRC), the native token of the Ethereum-based layer-2 scaling solution, has surged by 14% in the past 24 hours, accompanied by a notable spike in trading volume.

According to data from CoinMarketCap, the price of LRC now hovers around $0.1058, suggesting fresh interest in the decentralized finance (DeFi) protocol.

LRC’s rally, which comes with a massive spike in volume, follows Loopring’s recent announcement of its official DeFi documentation that highlights innovative earning and trading solutions.

But could this push the Loopring price higher?

Loopring price jumps to a month-high mark

As data from CoinMarketCap shows, the 14% price jump has propelled Loopring to a month-high mark above $0.10.

The gain aligns with a huge increase in trading activity, with LRC seeing a 2,600% jump in the 24 hours to over $204 million, at the time of writing.

While other coins have posted similar surges, this suggests that investors are taking notice of Loopring’s latest developments.

The project’s focus on redefining DeFi with a CeFi-like experience, while maintaining a trustless environment, seems to be resonating with the community.

It combines with Loopring’s zkRollup technology, which enables faster and cheaper transactions on Ethereum, to indicate renewed optimism.

LRC price prediction

From a technical perspective, Loopring is showing signs of a potential breakout.

The token is attempting to rebound from the lower border of a falling wedge pattern.

A look at the weekly timeframe paints this setup, usually viewed as bullish by analysts.

If this bounce confirms, LRC could rally toward $0.31 and $0.44 in the medium term.

Such a move will represent a significant recovery for the token, with the projection aligning with the historical pattern of a falling wedge.

It typically signals a reversal after a downtrend.

However, the broader market sentiment will play a crucial role.

On the downside, failure to break above this level could see LRC retest support near $0.07 and potentially $0.02.

Loopring’s fundamentals, such as its focus on DeFi innovation and layer-2 scaling, provide a strong case for growth.

Nonetheless, investors are likely to remain cautious amid inherent crypto market risks, including regulatory developments and market volatility