Loom Network (LOOM) Leads Altcoin Gainers
Over the weekend, Loom Network (LOOM), Stellar (XLM), and Metal (MLT) experienced significant increases in their prices. While XLM managed to clear a crucial resistance, LOOM and MLT are still trading below their main resistance levels.
The LOOM price has been following an ascending support line since June 14. After validating the line three times in August and September, it began a sharp upward movement on September 10. Despite reaching the $0.047 horizontal resistance area, the price failed to break out and instead showed signs of selling pressure.
On the other hand, XLM fell below a descending resistance line in July but has since bounced back. It broke out from the resistance line on September 4 and cleared the $0.130 resistance area over the weekend. The next target for XLM is the $0.160 resistance, but a drop below $0.130 could indicate a future decline.
MTL has been increasing along an ascending support line since November 2022. It recently bounced at the line on August 17 and is approaching a descending resistance line at $1.35. The price movement at the resistance line will determine the next move, with a breakout leading to a 20% increase and a rejection potentially causing a 30% drop.
Overall, these altcoins have shown promising performance over the weekend, but their future movements depend on key resistance levels and market dynamics.
Hot Take: Altcoins Gain Momentum over the Weekend
During the weekend, Loom Network (LOOM), Stellar (XLM), and Metal (MLT) emerged as the top-performing altcoins in the crypto market. While LOOM and MLT are still trading below their main resistance levels, XLM managed to clear a crucial resistance and is currently validating it as support.
These altcoins have displayed distinct price patterns, with LOOM showing signs of selling pressure after reaching the $0.047 resistance area. XLM, on the other hand, has experienced a bullish breakout and is targeting the $0.160 resistance. Meanwhile, MTL is approaching a critical resistance line, and its breakout or rejection will determine its future movement.
With the crypto market remaining relatively steady, these altcoins’ performance over the weekend highlights their potential for further gains. However, traders should closely monitor the key resistance levels and market conditions to make informed investment decisions.
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