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Summary
• Price surged to 0.0565 before consolidating near 0.0556 amid rising volume.
• A bullish breakout at 0.0560 was confirmed with strong turnover.
• RSI and MACD indicated overbought conditions, hinting at potential near-term pullback.
• Volatility expanded after a key 5-minute bullish engulfing pattern.
• 0.0555 and 0.0548 appear as initial support and resistance levels for the next 24 hours.
Loopring/Tether (LRCUSDT) opened at 0.0539 on January 13 at 12:00 ET, surged to a 24-hour high of 0.0565, and closed at 0.0556 as of 12:00 ET on January 14. The pair saw a total volume of 14,029,333 LRC and a turnover of 786,003.98 USD.
Structure & Formations
Price action showed a bullish engulfing pattern around 02:00 ET, indicating a shift in momentum. Key support was established at 0.0555, while resistance appeared at 0.0560 and 0.0563. A doji formed near 0.0552, suggesting indecision ahead of consolidation.
Moving Averages
On the 5-minute chart, the 20-EMA crossed above the 50-EMA (golden cross) around 10:00 ET, reinforcing the bullish trend. On the daily chart, price remains above the 50-EMA, though it approaches the 100-EMA as a potential resistance.
MACD & RSI
The MACD line crossed above the signal line at 10:30 ET and remained in positive territory, supporting the upward momentum. RSI hit 68–70 in late morning, signaling overbought conditions, suggesting a possible short-term correction.
Bollinger Bands
Volatility increased sharply from 02:00 to 10:00 ET, with price trading near the upper band during the breakout. A contraction in the band width in the early hours preceded the move upward, signaling a potential reversal in trend.
Volume & Turnover
Volume spiked significantly after 02:00 ET, coinciding with the break of 0.0560. Notional turnover rose to over 114,626 USD at 10:00 ET, confirming the strength of the move. Divergence in volume and price was not observed, indicating strong alignment between buyers and sellers.
Fibonacci Retracements
On the 5-minute chart, the 61.8% retracement level at 0.0556 aligned with the 24-hour close, suggesting a potential area of consolidation. Daily retracements show the 38.2% level at 0.0562 as a critical test for near-term buyers.
Over the next 24 hours, a test of 0.0562 could trigger further upside, but overbought conditions may lead to a short-term pullback. Investors should watch for confirmation above 0.0560 and divergence in RSI as key risk signals.
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