Market Overview: Loopring/Tether (LRCUSDT) – 24-Hour Technical Analysis (2025-11-03)

• Price declined from a peak of $0.0677 to a trough of $0.0569, closing at $0.0630 after volatile 15-minute swings.
• Notable bearish volume spikes occurred at 15:45–16:00 ET, coinciding with a sharp price drop.
• A 61.8% Fibonacci retracement level at $0.0628 may offer short-term support ahead of $0.0621.
• RSI indicates oversold conditions in late ET hours, though bearish momentum remains intact via the MACD.
• High volatility is evident with expanding Bollinger Bands, suggesting potential for a trend continuation or reversal.

Price, Volume & Turnover

Over the past 24 hours, Loopring/Tether (LRCUSDT) opened at $0.066, reached a high of $0.0677, a low of $0.0569, and closed at $0.0630. The total traded volume across the 15-minute interval was approximately 26.7 million LRC, with a total turnover of $1,638,700. The late-ET sell-off saw massive volume spikes, with the 15:45 ET candle alone contributing $452,700 in turnover. The price action suggests a continuation of bearish sentiment into the next 24 hours.

Structure & Key Levels

The 15-minute chart shows a bearish consolidation pattern with a strong resistance at $0.0675 and support levels forming around $0.0630 and $0.0621. A long lower shadow at 11:45–12:00 ET indicates rejection at the $0.0630 level, while a short lower shadow later at 15:30 ET suggests limited buying interest. A potential bearish engulfing pattern is forming after the $0.0677 high, with the 20:45–21:00 ET candle showing a bearish reversal. A breakdown below $0.0621 may trigger further downside, with the next key level at $0.0601.

Moving Averages and Fibonacci Retracements

On the 15-minute chart, the 20-period and 50-period moving averages are both bearish, with the 50-period lagging behind the 20-period. A 61.8% Fibonacci retracement level at $0.0628 appears to offer initial support. On the daily chart, the 50/100/200-day moving averages indicate a longer-term bearish trend. A key test of the 50-day moving average, currently at $0.0633, will be important over the coming days.

Volatility, MACD, and RSI

Volatility has increased significantly, with Bollinger Bands expanding in the last 12 hours. The price has remained below the lower band during the late ET sell-off, indicating oversold conditions. The MACD histogram has turned negative and is trending downward, supporting the bearish momentum. RSI crossed into oversold territory at 15:45 ET and has remained there, hinting at potential short-term bounce but not a reversal. A close above the 20-period moving average could trigger a MACD crossover with the signal line, which may prompt short-term buying activity.

Backtest Hypothesis

The technical analysis above highlights key momentum divergences, particularly in the MACD and RSI, which are commonly used in algorithmic backtesting for crypto assets. A proposed backtest could focus on detecting MACD "golden crosses" (MACD line crossing above the signal line) as potential buy signals. Given the high volatility and strong bearish momentum observed in this 24-hour period, the backtest could measure the performance of this strategy from 2022-01-01 to 2025-11-03. Expected metrics include hit ratio, average return, maximum drawdown, and average holding period. This approach would rely on accurate MACD data, which is currently unavailable due to data source compatibility issues. To resolve this, the analysis can proceed by manually computing the MACD from the raw OHLCV data provided.