LRC reclaims 50% of lost investors as the Loopring price recovers from a crucial support level

The Loopring price was spared significant losses earlier this month as the volatility of the cryptocurrency market eased. The cryptocurrency has recovered from a critical support level, and it is also regaining the investors it lost around two months ago.

Price recovery for looprings is anticipated.

Loopring's price of $0.221 fell to a two-month low of $0.208 before rebounding from that support level. This important support line was last tested in May of this year, and it was previously tested as a resistance level in December 2022. LRC has climbed slightly more than 6% since the beginning of the month, but it remains below the 50, 100, and 200-day Exponential Moving Averages (EMAs).

While price indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicate a possible positive advance, the Loopring price must remain above the key support level. If the cryptocurrency falls below this level, it will reach year-to-date lows of $0.187.

However, the chances of the latter happening are slim because LRC holders are quite active. The first indicator of this is that the network has seen a 50% increase in the number of investors it lost in June. More than 5k investors left the network at the time, and over 2.5k have subsequently rejoined, bringing the total to 161k.

Not only that, but the investors who were present the entire time are also delaying the sale of their assets. This is seen by the drop in active deposits, which touched an eight-month low this week.

With selling decreasing to December 2022 levels, the Loopring price has a potential to capitalize on the rebound and breach the EMAs, converting them into a support floor. This would support a rally back to the June highs of $0.258.