Date: Wed, Dec 11, 2024, 07:30 AM GMT
The cryptocurrency market is beginning to stabilize after a sharp two-day correction that caused notable corrections across major altcoins.
Amid this slight recovery, Loopring (LRC) and COTI (COTI) are showing signs of strength, bouncing back from their daily lows and maintaining critical support levels after recently achieving significant breakouts. Both tokens had been trading within long-term descending patterns before their breakouts, with LRC gaining 71% and COTI climbing 48% in last 30 days.
The recent correction successfully retested these breakout levels, hinting at the possibility of further upside in the near term.
Loopring (LRC):
Loopring (LRC) has been in a bullish phase over the last month, finally breaking out of a Descending Triangle pattern that had constrained its price for more than two years. The breakout occurred on Dec. 2, 2024, when LRC surged above the resistance trendline. Following this, the token rallied to a high of $0.33, reflecting a strong upward trajectory.
The recent correction saw LRC retest the former resistance zone around $0.23, which has now turned into a solid support level. This retest validated the breakout and demonstrated the strength of LRC’s price action.
At the time of writing, LRC is trading at $0.2438, holding above its support. If the bullish momentum continues, the next target for LRC is its recent high of $0.33, representing a potential 38% upside from the current price.
COTI (COTI):
COTI has also displayed robust performance recently, breaking out of a Descending Triangle pattern that had suppressed its price for over three years. This breakout occurred on Nov. 25, 2024, propelling COTI to a high of $0.19 during the subsequent rally.
Amid the broader market pullback, COTI successfully retested its former resistance trendline near $0.13, which is now acting as a critical support zone. This retest further solidified the breakout, showing that the token has built a strong foundation for future growth.
COTI is currently trading at $0.1561, showing early signs of recovery. Should bullish momentum prevail, the token could aim for its recent peak of $0.19, which offers a potential 53% upside from the current levels.
What To Expect Ahead?
Both Loopring (LRC) and COTI (COTI) have showcased resilience by holding key support levels after retesting their breakout zones. This is an encouraging sign for traders and investors, as it indicates the potential for further upward movement in the short term.
However, the overall cryptocurrency market still faces challenges. While Bitcoin (BTC) has shown some recovery and is trading above $97K, it remains under pressure. For LRC and COTI to sustain their recoveries and reach new highs, broader market stability and Bitcoin’s performance will play a critical role.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.