After some positive price action during the first days of 2022, Loopring (LRC) is tumbling fast. The coin has seen a massive sell-off in 24-hour intraday trading today, losing nearly 18% in value. These losses have wiped out the bullish uptrend we say last week, bringing total losses over 7 days to around 16%. Loopring (LRC), is it still viable today for investors? Here are some highlights:

• Loopring saw bullish momentum a few week ago, after it was one of the early adopters ZK-roll ups.

• Hawkish Fed policy, based on FOMC minutes yesterday, appears to have placed additional downward pressure on LCR.

• The correction we saw today is likely to continue, as all indicators point towards bearish prospects in the near future.

Data Source: Tradingview.com

Loopring (LRC) – price action and prediction

The crypto market opened the day in the red due to FOMC minutes which pointed towards a hawkish Fed monetary policy. While the LRC wipeout was a result of wider sentiment in crypto, other indicators are pointing to more downside.

At the time of writing LRC was trading around $1. 68, down nearly 18% for the day. LRC is currently at $1.6 and if it cannot sustain gains above that level, we may see it drop back to $1 within a few days. According to current trends, it seems likely that LRC will experience a continued downward trend towards $1.

Should you buy Loopring (LRC)

Despite this correction Loopring (LRC), still remains a good investment. The fact that Loopring (LRC) was one of the first to adopt ZK-Rollups in order to improve transaction speeds on the network shows that the future looks bright. Wait for the downtrend to bring this token up to $1. This would be a great dip to invest in the long-term.