The crypto market is having a poor start to the week, and Loopring has already lost more than 9% of its value today.
LRC, the native coin of the Loopring ecosystem, is down by more than 9% in the last 24 hours. The coin is underperforming compared to the broader cryptocurrency market.
LRC’s poor performance can be attributed to Loopring’s recent attack. The Loopring team announced over the weekend that it had experienced a distributed denial-of-service attack (DDoS).
Yesterday we were the target of a coordinated DDoS attack. While funds were never at risk, services were down for 11 hours.
— Loopring💙🏴☠️ (@loopringorg) November 5, 2022
Although user funds were not affected, the Loopring network was unavailable for 11 hours. The development team later got the network back online.
The broader crypto market has also been underperforming so far today. The total crypto market cap stands above $1 trillion, down by more than 2% in the last 24 hours.
Bitcoin is still struggling to top the $21k resistance level and is now trading above $20,700 per coin, down by more than 2% today. Ether is also down by 3% in the last 24 hours and is now trading at $1,562 per coin.
Key levels to watch
The LRC/USD 4-hour chart is still in the bullish zone despite its recent poor performance. The technical indicators show that LRC is underperforming against the broader crypto market.
The MACD line is above the neutral zone but could soon drop into the negative region before the end of the day. The 14-day RSI of 46 also shows that LRC could soon enter the oversold region if the bearish trend continues.
At press time, LRC is trading at $0.325 per coin. If the negative trend continues, LRC could drop below the first major support level at $0.2957 before the end of the day.
However, unless there is an extended bearish run, the bulls should comfortably defend the second major support level at $0.2762.
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