- Loom Network has provided a positive signal by breaking out of a short-term horizontal trend channel, following increased payments by investors. This indicates the potential for further increases in the cryptocurrency.
- Recently, trading volume has significantly increased, which could be attributed to fundamental news. The RSI has risen above 70 after a strong price increase in recent weeks.
- Today’s Loom Network price is $0.109095, with a 24-hour trading volume of $445,231,297. Loom Network has experienced a 0.49% loss in the last 24 hours.
In our current LOOM price analysis, we assess the short, medium, and long-term outlook for Loom Network: Will LOOM coin continue to rise?
Short-Term LOOM Analysis
Starting with the short-term analysis of Loom Network, we see that the cryptocurrency has given a positive signal by breaking out of a short-term horizontal trend channel, indicating the potential for further increases in the cryptocurrency. There is no resistance on the price chart, signaling further upside potential. In the event of a negative reaction, the cryptocurrency has support around the $0.05 level. The volume balance is positive, strengthening the cryptocurrency in the short term.
Recently, trading volume has significantly increased, which could be attributed to fundamental news. The RSI has risen above 70 after a strong price increase in recent weeks. The cryptocurrency exhibits strong positive momentum, indicating further price increases. However, high RSI, especially for large stocks, can suggest overbought conditions and the possibility of a downward reaction. From a short-term technical perspective, LOOM is considered positive.
Medium-Term LOOM Analysis
Moving to medium-term analysis, we find that Loom Network is within a medium to long-term horizontal trend channel, indicating further developments in the same direction. The cryptocurrency has broken through the resistance level, providing a positive signal for the long-term trading range. The cryptocurrency is testing the $0.11 level of resistance. This could result in a negative reaction, but breaking above $0.11 would be a positive signal. Volume peaks and volume troughs align well with price peaks and troughs. The volume balance is also positive, strengthening the cryptocurrency and increasing the likelihood of an upward movement.
The short-term momentum of the cryptocurrency is strong as the RSI is above 70, indicating increased optimism among investors and the potential for further price increases for Loom Network. However, high RSI, especially for large stocks, can suggest overbought conditions and the possibility of a downward reaction. From a medium-term technical perspective, LOOM is considered positive.
Long-Term LOOM Analysis
In our long-term analysis, we see that Loom Network has overcome a long-term downtrend channel. This initially indicates a slower decline rate or the beginning of a more horizontal development. The cryptocurrency is moving within a rectangle formation between support at $0.04 and resistance at $0.11. A clear break of one of these levels will indicate a new direction.
The cryptocurrency has broken through the $0.10 resistance level. This signals further upside potential. In the event of negative reactions, there is now support at $0.10. Volume aligns well with price peaks and troughs. The volume balance is also positive, strengthening the cryptocurrency and increasing the likelihood of an upward movement. From a long-term technical perspective, LOOM is considered positive.
LOOM Price
Today’s Loom Network price is $0.109095, with a 24-hour trading volume of $445,231,297. Loom Network has experienced a 0.49% loss in the last 24 hours. It currently ranks 170th on CoinMarketCap with a live market cap of $133,033,643 USD. There is a circulating supply of 1,219,425,698 LOOM coins.
Summary
LOOM analysis evaluates the short, medium, and long-term outlook for Loom Network. Short-term analysis indicates that the cryptocurrency is technically positive. Medium-term analysis similarly suggests that the cryptocurrency is technically positive, and long-term analysis also indicates that the cryptocurrency is technically positive. However, investors should consider risks, especially indicators like high RSI, when making decisions.
