Loopring Is Trying To Hold Close to $0.1000 before Powell
Loopring (LRC) is down 4.0% to $0.0874 this week, tracking Bitcoin’s (BTC) 2.6% slide to $115,000. The move is surprising given last week’s bullish outlook for BTC toward $150,000, but the benchmark failed to hold the $117,000–120,000 support. Concerns over rising U.S. inflation and expectations of hawkish Fed commentary are prompting investors to take profits ahead of Fed Chair Jerome Powell’s speech in Jackson Hole this Friday.
Technically, BTC breaking below key support suggests a further retreat toward $107,000–110,000, with little to cushion the decline before Powell’s remarks. This broad weakness is weighing on altcoins. Loopring remains close to the $0.1000 resistance, but a breakout likely depends on improved market sentiment. If Powell signals a dovish stance, LRC could push past that threshold.
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