Loopring recovers by 11.5%, maintaining its support at $0.08641 as it aims for a breakout above $0.1023.

Loopring (LRC), a popular cryptocurrency, has seen a significant surge in the last 24 hours, with its current trading price at $0.09775 – a 11.5% increase from its price yesterday. This upward trend can be attributed to resistance consolidation at $0.1023 and a strong crash barrier at $0.08641.

The intraday movement of LRC supports the $0.08641 support level as a stabilization point, indicating a firm defense of this level following the recent surge. The cryptocurrency is currently trading within a narrowing range of $0.08641 - $0.1023, suggesting squeezed volatility ahead of a possible breakout move.

However, LRC is facing pressure building near the upper trendline within a descending channel. The repeated rejections have shaped the price behavior within this channel, with the $0.1023 resistance continuing to restrain attempts higher. The alignment of price near this resistance strengthens the significance of the current setup.

Short-term price action indicates increased buying pressure after the defense of $0.08641. A successful breakout above the descending trendline could trigger a significant upturn wave of over 50%. In fact, a measured move projection from current levels highlights a possible 76.45% advance if resistance gives way.

The consolidation is compressing volatility and building pressure at resistance. The token remains contained within its established range, balancing buying and selling pressure. The power of LRC extends across several trading pairs, not just in USDT. In its Ethereum pairing, LRC is trading at 0.00002187 ETH, a 9.7% increase, and in its Bitcoin pairing, LRC is trading at 0.068994 BTC, a 11.4% increase during the same period.

The next decisive move for LRC depends on whether the descending trendline breaks. The narrowing consolidation structure near the upper trendline makes a breakout more likely. As the cryptocurrency market continues to evolve, keep an eye on Loopring (LRC) as it navigates this critical resistance level.

Loopring recovers by 11.5%, maintaining its support at $0.08641 as it aims for a breakout above $0.1023.