Popular crypto strategist Kevin Svenson says a mid-cap altcoin is primed to be one of the “top movers” if altseason kicks off.
Svenson tells his 96,600 Twitter followers that layer-2 protocol Loopring (LRC) will likely outrun much of the market.
“IF we get an Alt-Season sometime soon I think LRC could be one of the top movers. This one usually moves up with tons of velocity. Currently bottomed out. Also, Loopring is one of my favorite Layer-2 solutions for ETH during times of high fees.”
Loopring spiked 46% on Wednesday from around $0.84 to as high as $1.23. The 80th-ranked crypto asset by market cap is trading for $1.12 at time of writing.
The price jump came as Loopring announced that the beta version of GameStop’s new non-fungible token (NFT) platform built on its blockchain is live for early sign-ups and fund deposits, with a full launch in the near future.
Svenson says he took some profit on the LRC gains.
Loopring allows anyone to build non-custodial, order book-based exchanges on the Ethereum (ETH) network using zero-knowledge (ZK) proofs. Holders of LRC can earn staking rewards from the fees paid by decentralized exchanges (DEXs) built using the Loopring protocol.
Svenson also says Bitcoin (BTC) looks like it’s “perking up.”
PSAR stands for parabolic stop and reverse indicator.
Bitcoin is trading for $42,830.85 at time of writing. The top-ranked crypto asset by market cap is up more than 4% in the past seven days and 14.6% in the past month.
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