Amid the latest market meltdown, LOOM showed strength and continued to gain traction by the day. More rally is likely to play if the buying volume increases. It is currently the market’s top gainer following a 30% surge in the last 24 hours.
So far, LOOM’s performance has been impressive since the price broke out of structure last week. The crucial $0.14 level flipped as it further exploded massively a week later.
That gain brought the price to the high of $0.295 earlier today. It encountered a rejection at this high and retraced a bit. However, the bulls are still showing interest as they regroup to claim more highs in the coming hours.
Should such a scenario come into play, Loom’s price could rally to the 1.68($0.453) mark on the Fib. Retracement Level. But considering the decline in the daily volume indicator – which shows disagreement in price and volume – the rally may come to an end any time from now.
While the trend currently looks bullish, it appeared to have reached an extremely overbought area on the daily chart. The price is due for a correction from a technical perspective. A deep pullback to $0.12 could strengthen the market for more increases.
In overall, it has registered over 800% gain since the price started to increase in September.
LOOM’s Key Levels To Watch
Gauging the possible pullback levels with a Fib retracement tool, the first line of support to keep in mind is 0.786 ($0.24), followed by 0.618 ($0.197).
A broader retracement to 0.5 Fib level could bring the price to $0.1667 before resuming bullish. Lower Fib levels to consider for drops are 0.382 ($0.1365) and 0.236 ($0.99).
If the price increases above the current daily high, marked at 1 ($0.295) Fib level, the $0.35 and $0.40 levels would be the next buying target before reaching the 1.618 ($0.453) Fib level.
Key Resistance Levels: $0.295, $0.35, $0.4
Key Support Levels: $0.24, $0.197, $0.1667
- Spot Price: $0.277
- Trend: Strongly Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.