Loopring (LRC) breaks key resistance with a 6% surge, confirming a bullish breakout above the $0.0900 level.
Trading volume for LRC jumps 95% to $37.7M, alongside a 9.3% rise in open interest, showing strong market activity.
Bullish signals on 4H chart and dominant long positions hint at continued upside, despite recent long liquidations.
According to market analysis by ZAYK Charts, Loopring (LRC) has broken out of a falling wedge pattern on the daily chart. The breakout has coincided with a price increase, with LRC trading at $0.0905 after gaining over 6% in the past 24 hours. The move followed a sharp rise from $0.0800, which previously acted as support during a period of consolidation.
https://twitter.com/ZAYKCharts/status/1945717993498910778
LRC Breaks Key Resistance With Bullish Momentum
Loopring's price breakout was supported by a bullish engulfing candle on the 4-hour chart. This suggests strong buyer interest around the breakout point. The price has exceeded $0.0880 and is currently retaining above $0.0900 which shows the price as well as the structure breakout. At the time of writing, Loopring has a market cap of 123.8 million and the supply in circulation is 1,367,078,406 LRC.
Earlier this week, LRC had had a tough time rising beyond short-term resistance. Nevertheless, the purchase pressure enabled it to increase by more than 10 percent on the day. Invigilators will be keen to observe whether the price would remain to trade higher than the breakout level, which might be an indication of bigger strength in the future sessions.
Trading Volume and Open Interest Increase
LRC has recorded a 95% increase in activity with the 24-hour trading volume growing to $37.7M. Accompanying this growth in volume is the 9.3% growth in open interest, which means traders are taking new positions. The two measures imply increasing participation by the market.
On Binance and OKX, the ratio between traders on the buys side is larger, with some even exceeding 2.7. This indicates that the majority of traders are anticipating that the price will keep on increasing. Nevertheless, long liquidations amounting to 20,000 have been registered within the last 24 hours. This is an indication that the market is technically still volatile and the bias, though bullish, indicates that traders are under risk.
The post Loopring Breaks Out of Falling Wedge With Surge in Price and Volume appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
