Loopring (LRC) is struggling to maintain momentum after a recent price bounce failed to break through key resistance. The token, which utilizes zkRollup technology for fast, low-cost transactions on Ethereum, is currently trading around $0.056. This follows a brief push higher that was quickly rejected near the $0.0573 zone, a move analysts identify as a classic buy-side liquidity sweep.
Market analyst Crypto Patel detailed the scenario, noting that LRC price "pushed up, grabbed liquidity above recent highs, and ran straight into a bearish order block." The subsequent rejection has shifted focus back to the downside, with technical targets now set at $0.0523 and potentially $0.0496. The invalidation level for this bearish outlook is set at $0.0623.
Momentum indicators paint a weak picture. The Relative Strength Index (RSI) remains in the mid-to-high 40s, indicating limited bullish strength, while the MACD shows fading positive momentum. Trading volume also failed to expand significantly during the bounce, suggesting a lack of strong buyer conviction.
The broader market context adds pressure, with Bitcoin and Ethereum down 4.5% and 8.5% over the past week, respectively. LRC itself is down 2.2% over the past week and 3.4% over the past month, with its market capitalization hovering near $77 million. Analysts suggest that until LRC can decisively reclaim resistance near $0.062, the structure favors lower prices, with downside liquidity acting as the primary magnet for price action.
