LRC is Struggling to Recover Towards $0.300
Loopring (LRC) saw a decline of 1.6% this week, trading at $0.248. This movement can be interpreted as a consolidation phase following a significant 39% drop over the weekend, which occurred amidst heightened military tensions in the Middle East. Despite the consolidation, prices are currently below the support of an ascending channel that has remained intact since October 20, 2023.
For the fifth consecutive day, the altcoin has been closing below this critical support level. To resume its upward trajectory, LRC would need to stage a recovery of at least 50%, reaching $0.300. While such a recovery is plausible, any further delays in reclaiming this level could lead to a deterioration in prices, potentially pushing LRC below $0.200.
Such a scenario would be detrimental for the altcoin, as it would signify a breakdown from its established channel and could trigger significant selling pressure.
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