LRC has broken above a falling wedge pattern on the daily timeframe, with a clean breakout past descending resistance.
The technical projection shows a potential 12.54% move upward, from approximately $0.089 to the $0.10–$0.16 range.
Support is holding at $0.08468 while resistance sits tightly at $0.09076, forming a key short-term consolidation area.
Loopring (LRC) has broken out of a multi-month falling wedge on the daily chart, marking a potential shift in price structure. The breakout took place once LRC recaptured the upper trendline resistance, catalyzing a 4.9% daily gain that saw the token rise to $0.08963.
The breakout is after a long-term decline since December 2023, with continually declining highs and lows. Following the latest breakout on the daily chart, short-term price action has developed momentum in the new framework. The breakout setup highlights a measured target of $0.1594, representing a potential 77% gain from the breakout zone.
LRC Holds Breakout as Cross-Pair Strength Signals Broader Demand
After the breakout, LRC faced immediate resistance at $0.09076. This level currently acts as a price ceiling within the tight 24-hour trading range. On the downside, support is holding at $0.08468. Price activity between these two levels remains consistent, suggesting increased volume near structural key points.
Despite a slight rejection from resistance, the token has maintained its breakout zone, hinting at sustained buyer interest. These zones remain pivotal for the next price move, especially if LRC consolidates above the broken trendline.
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Alongside the breakout, LRC has outperformed both Bitcoin and Ethereum on the daily. Against BTC, LRC gained 5.4% within the same 24-hour window. It also posted a 4.5% increase versus ETH. These gains indicate rising demand for LRC across key trading pairs, reinforcing the breakout's strength. This relative strength is further supported by the token's structure reclaim and volume alignment near resistance. While the move remains within early momentum stages, the cross-pair strength shows market-wide traction for LRC.
Technical Setup Highlights 12.54% Measured Breakout Objective
The falling wedge pattern breakout points to a defined target at approximately $0.1594. This aligns with the technical projection noted in the daily chart structure. The potential 12.54% move from the breakout line is clearly marked by the green box on the chart.
This projection remains valid as long as the price holds above the $0.08468 support. A sustained move past the $0.09076 resistance would reinforce bullish continuation within the wedge-derived range. Traders continue to monitor this zone closely for short-term breakout follow-through.
