Renowned cryptocurrency strategist and analyst Nicholas Merten is watching a particular DeFi (decentralized Finance) asset that he posited have the ability to double its price in days to come.
He pointed out on a new YouTube episode called DataDash to his three hundred and seventy-eight subscribers that LRC – DeFi Exchange Loopring could make its next big move as it has been consolidating for a while now in preparation.
Technical Setup Ready for Breakout
The price action looks very good following a proper technical analysis of the asset. Higher lows and lower highs are gravitating towards a consolidating wedge. As the journey through the wedge proceeds, the volume is fading. By next week thereabout, the breakout we are expecting will happen to reach a $0.45 mark above a noted resistance and will begin its journey from there. Of course, this is a familiar technical pattern for most altcoin cycles.
Adding to this technical analysis and price action, he further buttresses the reason behind his strong claims and how the asset has great fundamentals.
Loopring is a decentralized platform built on decentralized finance protocols, and to be more specific, it is an automated market maker. The exchange allows everyone to interact properly with smart contracts and to exchange a particular token for another without the help of a centralized platform. It also gives the ability to access the market anytime for trading and promises much lower service fees than an average exchange while given a chance to change an asset to another, and reception is immediately in the user’s wallet.
He added in the DataDash episode that when it comes to the application of the layer-two solutions, LRC is much ahead of the curve. He explained the layer-two solutions with reference to zkRollups.
While explaining zkRollups, he said that they are a form of layer-two solutions that allow users to do more activities computationally off the Ethereum blockchain, and it helps save cost. It means that there is a possibility for a cheaper transaction for swapping tokens on such a platform as Loopring while experiencing the same security on the Ethereum blockchain.
Merten also shows that the TVL – Total Value Locked of LRC is shooting up, and he predicted that the price of the price would reach $1.00 at the beginning of February.