LRC loses 9% of its value after Loopring’s DDoS attack

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The crypto market is starting the week badly and Loopring has already lost more than 9% of its value today.

LRC, the original coin of the Loopring ecosystem, has fallen more than 9% in the past 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 last weekend that it was dealing with a distributed denial-of-service (DDoS) attack.

While user funds were not affected, the Loopring network was down for 11 hours. The development team later got the network back online.

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The broader crypto market has also underperformed thus far. The total crypto market cap is above $1 trillion, down more than 2% in the past 24 hours.

Still struggling to surpass the $21,000 resistance level, Bitcoin is now trading above $20,700 per coin, down more than 2% today. Ether is also down 3% in the past 24 hours and is now trading at $1,562 per coin.

Main 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 the broader crypto market.

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LRC/USD Chart by TradingView

The MACD line is above the neutral zone, but it could drop quickly into negative territory before the end of the day. The 14-day RSI of 46 also shows that LRC could soon enter oversold territory if the bearish trend continues.

At time of printing, LRC is trading at $0.325 per coin. If the negative trend continues, the LRC could drop below the first major support level of $0.2957 before the end of the day.

However, unless there is a prolonged bearish run, the bulls should comfortably defend the second major support level at $0.2762.

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Where to buy running ring now

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