LRC and BAND Showing Potential For Major Breakouts: What To Expect Ahead?

Date: Sun, Dec 01, 2024, 05:35 PM GMT

The cryptocurrency market has kicked off the new month with continued bullish momentum as major altcoins rally amid a decline in Bitcoin (BTC) dominance. BTC dominance has fallen to 57.27% from its recent high of 61.53%, paving the way for altcoins to shine.

Among these, Loopring (LRC) and Band Protocol (BAND) are drawing significant attention due to their significant weekly performance and showing significant potential for major breakouts.

Source: Coinmarketcap

Loopring (LRC)

Loopring (LRC) has been consolidating within a descending triangle pattern for over two years, establishing strong support at lower levels while repeatedly testing its resistance. Currently trading at $0.2427, LRC is nearing a critical point as it challenges the descending resistance line.

A confirmed breakout above this level could ignite a rally toward key resistance levels at $0.3074 and $0.5484, representing potential upside gains exceeding 123% from its current price. Should momentum continue, the ultimate resistance at $1.36 may come into play, signaling a substantial recovery from LRC's historic lows.

Band Protocol (BAND)

Band Protocol (BAND) exhibits a similar structure, consolidating within a descending triangle pattern for over two years. BAND has built robust support at its lower levels while testing the upper resistance repeatedly. Currently trading at $1.88, BAND is on the verge of breaking its descending resistance line.

A successful breakout could drive the price toward immediate resistance levels of $2.27 and $2.85, offering a potential upside of over 50%. Beyond this, further resistance at $3.71 and $5.66 could become targets, suggesting significant recovery potential.

Final Thoughts

Both Loopring (LRC) and Band Protocol (BAND) are showing early signs of bullish momentum, with key resistance levels within reach. The clearing of these levels could open the door to impressive gains, especially as Bitcoin's declining dominance fuels the altcoin market. Traders and investors may find these tokens worth watching in the weeks ahead.

Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always conduct your own research before making investment decisions.

Also Read: Top 3 Altcoins To Watch For Potential Gains This Week: ALGO, FIL and ATOM In Spotlight.