LRC Price Jumps 9%, Can It Break Above $0.1022?

LRC price posted a strong 9.21% overnight run, to trade at around $0.09951. The token’s market cap rose to $136.01 million, while trading volume hit $33.9 million. That being said, Loopring price ranged between a 24-hour low of $0.09082 and a high of $0.1178, signaling rising volatility as traders react to fresh momentum shifts.

Why is Loopring Price Going Up?

On August 8, Binance reduced LRC’s collateral ratio from 40% to 25% for portfolio margin users. This change allows traders to borrow more against their LRC holdings, boosting liquidity and speculative leverage. The policy shift came alongside a massive 2362% surge in trading volume to $337 million.

Looking forward, I am confident that derivatives market data, especially the open interest trends on Binance, will be crucial. That being said, maintained buying pressure in leveraged positions may help LRC overcome near-term resistance levels. However, the overbought RSI signals the possibility of a short-term pullback before any move higher up.

LRC Price Analysis

LRC on its price chart recently broke above its 50% Fibonacci retracement level at $0.0974. The RSI-14 currently sits at 57.57, indicating short-term overbought conditions. While the MACD histogram is rising to +0.00086901, further confirming growing upward momentum.

The Loopring price has held well above its 30-day SMA at $0.0885, fostering a bullish structure. A confirmed close above $0.1022. Contrarily, a failure to maintain $0.097 support may invite a retest of the $0.0885 SMA.

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