Market Overview for Loopring/Tether (LRCUSDT) as of 2025-10-30

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• Loopring/Tether (LRCUSDT) opened at $0.067 and closed at $0.0642, forming a bearish candle amid rising volume late in the session.
• The price action shows a sharp sell-off between 19:00–20:30 ET, where it dropped from $0.0684 to $0.0676, coinciding with a volume spike of over 289,078.
• Overbought RSI readings in the late afternoon gave way to oversold territory by the close, suggesting exhaustion in both bullish and bearish momentum.
• Bollinger Bands tightened between 0.0684 and 0.0693 before expanding during the sell-off, highlighting a period of low volatility followed by a breakout.
• Total 24-hour volume was 18,058,189, and turnover was $1,210,269, showing increased activity during key price levels.

Opening and Price Action

Loopring/Tether (LRCUSDT) opened at $0.067 on October 29 at 12:00 ET and traded as high as $0.0708 before closing at $0.0642 on October 30 at 12:00 ET. Total 24-hour volume amounted to 18,058,189, while turnover reached $1,210,269. The price action revealed a clear bearish bias, especially in the late afternoon and evening, where the pair moved decisively lower.

Structure & Formations

The candlestick pattern over the past 24 hours features a long bearish real body, with a prominent 15-minute bearish engulfing pattern occurring between 19:00–19:15 ET. This pattern suggested a shift in sentiment from bullish to bearish. A key support level appears to form around $0.0655, where price bounced on multiple occasions. Resistance is currently at $0.0684–0.0691, where several failed breakouts occurred.

Moving Averages and Volatility

The 20 and 50-period moving averages on the 15-minute chart show a crossover to the downside, reinforcing the bearish bias. On the daily chart, the 50-period MA is above the 100 and 200-period lines, indicating a potential intermediate-term consolidation phase. Bollinger Bands showed a contraction during midday before a sharp expansion during the late afternoon sell-off, signaling increased volatility.

Momentum and Volatility Clues from MACD and RSI

The RSI dipped into oversold territory near $0.0645 as the session neared its close, suggesting a potential short-term bottom or at least a retest. MACD remained in negative territory for much of the session, with bearish divergences appearing in the latter half of the day. These indicators suggest that the downside may not be over, but a pullback into the $0.0655–0.066 range could attract short-covering or buying interest.

Volume and Turnover Divergences

Volume spiked multiple times during the session, most notably during the 19:00–20:30 ET window when the price moved from $0.0684 to $0.0676. However, the subsequent sell-off to $0.0642 occurred with less volume, indicating potential exhaustion. Notional turnover also followed a similar pattern, confirming the bearish move after a brief rally to $0.069.

Fibonacci Retracements and Key Levels

Applying Fibonacci retracements to the recent 15-minute high ($0.0708) and low ($0.0642), the 50% level sits at $0.0675, which was tested multiple times but not held. The 61.8% retracement level is at $0.0656, currently acting as a key support level. If the price breaks below $0.0656, it may target $0.0645 and $0.0635, respectively.

Backtest Hypothesis

The provided backtesting strategy assumes an 8% stop-loss level and focuses on validating key technical signals seen in the data—namely bearish engulfing patterns, RSI divergence, and volume confirmation. Given the current bearish momentum and the formation of a clear support area around $0.0655–0.066, a short-position strategy with a stop above the 50% Fibonacci retracement at $0.0675 would be justified. However, given the recent oversold RSI reading and the potential for a short-term bounce, a cautious approach is advised. A confirmation of a breakdown below $0.0656 with increasing volume could validate the short thesis.