LOOM Network (LOOM) Price Reaches New Yearly High
The price of LOOM Network (LOOM) has reached a new yearly high of $0.210. It is also approaching the final resistance area of $0.200 before reaching its all-time high price of $0.770. The question now is whether LOOM will break into the top 100 cryptocurrencies by market capitalization.
LOOM Breaks Long-Term Descending Resistance Trendline
In October, the LOOM price broke out from a long-term descending resistance trendline that had been in place for 950 days. This breakout is not following the bearish trend seen in the rest of the crypto market in October. Prior to this breakout, the price had attempted to break out five times without success.
After breaking out, LOOM experienced rapid growth and reached a new yearly high of $0.210. However, it fell slightly afterward, confirming the $0.200 horizontal area as resistance. This area has been in place since 2020 and is the final hurdle before reaching the all-time high.
LBANK and Binance Futures Announce LOOM Listing
LBANK and Binance Futures have both announced that they will list LOOM on their platforms, with LBANK allowing users to trade with 10x leverage. It is unclear whether these announcements came after the price increase or if the increase was driven by anticipation surrounding the futures launch.
LOOM Price Prediction: Can It Enter Top 100 Coins?
With its significant price increase, LOOM is on the verge of entering the top 100 cryptocurrencies by market capitalization. Currently ranked at #107 with a market cap of $26 million, it needs to reach a price of $0.215 to crack the top 100.
The weekly RSI (Relative Strength Index) supports the ongoing increase, with readings above 50 and an upward trend indicating a bullish market. Despite being in overbought territory, there is no bearish divergence to suggest an imminent drop.
Next Resistance and Potential Drop for LOOM
If LOOM breaks above the $0.200 resistance area, the next resistance will be at $0.267. However, a sharp rejection from this horizontal area could result in a 40% drop to the long-term descending resistance trendline, currently at $0.120.
Hot Take: LOOM Network (LOOM) Shows Strong Momentum
LOOM Network (LOOM) has displayed strong momentum by reaching a new yearly high and breaking out from a long-term descending resistance trendline. With LBANK and Binance Futures listing the coin, there is anticipation for further growth. However, there is also the possibility of a significant drop if the resistance area is not overcome. Keep an eye on LOOM as it aims to enter the top 100 cryptocurrencies by market capitalization.
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