Key Takeaways

Loopring exhibited good levels of on-chain activity. Combined with the breakout from the triangle pattern, the chances of an LRC rally look good in the coming days.

Loopring [LRC] witnessed a 2,383% increase in daily trading volume, according to data from CoinMarketCap.

The $136.15 million market cap altcoin saw $332 million in volume in the past 24 hours, more than twice its market cap.

In fact, altcoins such as Ripple [XRP], Story [IP], and Axie Infinity [AXS] saw a surge in trading volume on the South Korean exchanges, Upbit and Bithumb, over the weekend.

In that context, Loopring’s activity increased not only on Bithumb but also on Binance and MEXC.

Triangle pattern breakout for Loopring

The increased volume came at a fortuitous time for LRC. Over the past six weeks, LRC consolidated within a symmetrical triangle before breaking out bullishly on the 31st of August.

However, bulls quickly ran into resistance near $0.12 and were fighting to flip $0.1 to support at the time of writing. The $0.09-$0.1 area appeared to be a sturdy demand zone to the south.

Therefore, the triangle breakout should offer buyers a good opportunity to add Loopring to their holdings.

OBV, which had trended higher throughout August, spiked sharply alongside the move. On top of that, the breakout was reinforced by rising volume and supportive moving averages, both pointing toward bullish momentum.

The imm

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Author: Akashnath S