Loopring (LRC) has gained 6.0% this week, rising to $0.1274, outperforming Bitcoin (BTC), which saw a modest 1.2% increase to $63,461. The most significant development is that Loopring has broken out of its descending channel, which began in mid-July, and is now trading above key support at $0.1000. Its trading range has become notably tighter, reminiscent of a similar pattern in September-October 2023. Back then, prices surged by 55.0%, eventually rising 129.0% over the course of ten weeks.
Currently, the narrow trading range has persisted for 22 days, compared to 30 days last year. This suggests that Loopring might be gearing up for another rally. While it may not replicate the previous 129.0% rise, a jump of 70.0-75.0% to $0.2000 seems achievable.
