Market Overview for Loopring/Tether (LRCUSDT) on 2025-11-05

Summary
• Price action shows a bearish reversal with a key drop below 0.0600 after a bullish rally.
• High volatility seen with intraday range of 0.0018 and sharp volume spikes after 20:30 ET.
• RSI and MACD signal weakening momentum with bearish crossover and oversold conditions.

Loopring/Tether (LRCUSDT) opened at 0.0604 on 2025-11-04 at 12:00 ET, hit a high of 0.0614 and a low of 0.0560 before closing at 0.0605 on 2025-11-05 at 12:00 ET. Total volume traded was 13,924,127.5 LRC, with a notional turnover of approximately $839,763.

Structure & Formations

Price action on the 15-minute chart showed a bearish engulfing pattern at 20:30 ET, followed by a strong bearish continuation. Support levels have been retested at 0.0580 and 0.0560, with a 61.8% Fibonacci retracement at 0.0575 acting as a critical short-term support. Resistance is currently clustered around 0.0605–0.0610. A key bearish breakdown from 0.0594 to 0.0577 confirmed the short-term bearish bias, with a potential target at the 0.0560 level.

Moving Averages

On the 15-minute chart, the 20-period MA crossed below the 50-period MA, signaling a bearish crossover. The 50-period MA is now at 0.0597, and the 20-period MA is at 0.0594, with price currently below both. On the daily timeframe, the 50-period MA is at 0.0608, while the 200-period MA is at 0.0591—indicating a neutral to slightly bearish bias as price continues to test the 50-MA.

MACD & RSI

The MACD line crossed below the signal line early in the 24-hour period, reinforcing bearish momentum. RSI has been trending downward and entered oversold territory below 30, indicating potential for a short-term rebound. However, bearish divergence between price and RSI suggests further downside could be likely.

Bollinger Bands

Price has oscillated between the outer bands, with a recent contraction observed between 21:00 and 22:00 ET before expanding again. Price closed at the upper band at 16:45 ET, signaling a potential overbought condition, followed by a bearish breakdown below the lower band at 21:00 ET.

Volume & Turnover

Volume spiked to over 1.7 million at 20:30 ET, coinciding with a sharp drop from 0.0594 to 0.0577. Notional turnover mirrored this, peaking at $121,000 during that hour. A divergence between rising volume and falling price has been observed since 21:00 ET, suggesting increased bearish conviction.

Fibonacci Retracements

Key Fibonacci levels on the 24-hour swing show 38.2% at 0.0582, 61.8% at 0.0575, and 100% at 0.0560. Price tested the 61.8% level at 21:45 ET before bouncing slightly, but failed to retest the 38.2% level, indicating a possible continuation of the downtrend. Daily retracements from a key swing high at 0.0614 show 61.8% at 0.0585 and 38.2% at 0.0597—price is currently forming a bearish structure around these levels.

Backtest Hypothesis

A potential backtest could focus on the bearish engulfing pattern observed at 20:30 ET. Given the pattern’s confirmation by volume and a subsequent breakdown below 0.0594, the backtest would simulate a short position at 20:30 ET with a target at the next swing low. Using the MACD and RSI as confirmation filters could refine the entry signal. A stop-loss could be placed above 0.0601, the prior high of the engulfing pattern. This strategy would be tested from 2022-01-01 to today on the LRCUSDT pair, using 15-minute OHLCV data and standard trading rules.