Market Overview for Loopring/Tether USDt (LRCUSDT) as of 2025-09-10

• Price closed slightly higher at 0.097 after a volatile 24-hour range.
• High volatility and erratic momentum suggest mixed market sentiment.
• Volume surged near the close, signaling possible accumulation or distribution.
• A bullish engulfing pattern formed at 0.0963–0.0965 during early morning ET.
• RSI moved closer to overbought territory late in the session.

Loopring/Tether USDt (LRCUSDT) opened at 0.0952 on 2025-09-09 12:00 ET and closed at 0.0970 on 2025-09-10 12:00 ET. The price reached a 24-hour high of 0.0985 and a low of 0.0947. Total volume for the 24-hour period was 10,941,966.0, with a notional turnover of approximately 1,039,902.60 USD.

Structure & Formations

The price action on LRCUSDT exhibited a series of key resistance and support levels over the 24-hour period. A strong resistance appears to have formed around 0.0965–0.0967, where price tested the level multiple times and failed to break through before rallying again. Notably, a bullish engulfing pattern emerged between 0.0963 and 0.0965 in the early morning hours (05:15–05:30 ET), indicating a potential short-term reversal. Conversely, 0.0960 and 0.0955 served as strong support levels that prevented a more significant pullback. A doji formed around 0.0960 in the late evening (22:00–22:15 ET), signaling indecision in the market.

Moving Averages

On the 15-minute chart, the price crossed above the 20-period and 50-period moving averages around 06:00–06:15 ET, indicating a potential short-term bullish bias. The 50-period line sits around 0.0963–0.0964, while the 20-period line is slightly higher at 0.0965–0.0967. On the daily chart, the 50-period moving average appears to have crossed above the 200-period line near 0.0955–0.0957, suggesting a longer-term bullish trend. The 100-period line is currently at around 0.0958, slightly above the 200-period line.

MACD & RSI

The MACD line showed a strong positive crossover around 05:15–05:30 ET, coinciding with the bullish engulfing pattern. The histogram expanded as the price surged toward 0.0980–0.0985, indicating strong momentum. However, the RSI approached overbought territory (70+) in the late morning and early afternoon, peaking around 0.0985 at 13:30 ET. This suggests a potential short-term pullback may be in the cards. Conversely, RSI dipped below 30 twice during the early session, indicating oversold conditions, particularly around 02:00–02:15 and 04:30–04:45 ET.

Bollinger Bands

The Bollinger Bands experienced a moderate expansion in the morning and afternoon, with the upper band reaching 0.0988 and the lower band dropping to 0.0958. Price action remained within the bands for most of the session, with a notable push near the upper boundary in the early afternoon. A brief contraction occurred between 01:45–02:30 ET, signaling a period of consolidation before the breakout. Price closed near the upper band, suggesting continued bullish momentum.

Volume & Turnover

Volume showed a gradual increase throughout the day, peaking in the late afternoon and evening with several spikes above 300,000 units. The largest single-volume candle was at 13:00–13:15 ET, with 517,824 units traded. Notional turnover mirrored this pattern, surging near the 0.0980–0.0985 level. A divergence between volume and price was observed between 07:00–08:00 ET, where volume decreased slightly while the price continued to rise, suggesting a weaker continuation pattern.

Fibonacci Retracements

Applying Fibonacci retracement levels to the key swing from 0.0947 to 0.0985, the 38.2% level sits at approximately 0.0966, and the 61.8% level is at 0.0962. The price found support near the 61.8% level during the morning and afternoon and tested the 38.2% level multiple times, suggesting it could be a key level for future consolidation or breakout.

Backtest Hypothesis

A potential backtesting strategy involves identifying bullish engulfing patterns near key Fibonacci support levels and entering long positions with stop-loss below the engulfing pattern's low. Given the recent engulfing pattern at 0.0963–0.0965 and the strong support at 0.0962–0.0960, a buy setup could be considered with a target near 0.0980 and a stop below 0.0955. This aligns with the current upward momentum and the overbought RSI, suggesting a reversal-based strategy may be viable in the near term.