28 April 2024 : In this article we will walk you through Loom Network price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Loom Network, Is LOOM a good investment? Loom Network support & resistance levels etc. But before diving deep into the LOOM technical analysis, let us talk about the current market conditions.
Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $2,378,724,907,606. The total trading volume stands at $52,026,507,853. Bitcoin shares 52.82 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price rising to $63,815.20 level after an upward movement of 1.27%.
A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 5.83 percent reaching to $3,304.12 during the previous 24 hours.
While publishing this blog, BNB traded at $600.44, following a price change of 0.87% within the same time frame.
SOL the native coin of Solana is up by 5.44 and currently trading at $143.84.
Additionally, Cocos-BCX reached $0.60 after seeing a decline of -0.77% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.
Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Loom Network (LOOM)
LOOM Resistance Levels | LOOM Support Levels | ||
---|---|---|---|
Resistance Level 1 | $0.060 | Support Level 1 | $0.041 |
Resistance Level 2 | $0.071 | Support Level 2 | $0.034 |
Resistance Level 3 | $0.078 | Support Level 3 | $0.023 |
LOOM has recorded a downtrend, losing -32.44% in last 24 hours. The current value of Loom Network is hovering at $0.22 with the trading volume of $462,082,304.00 USD in the same timeframe. The overall marketcap for LOOM is $268,446,492.00 USD while the coin price changes 13.34% over the week.
LOOM price analysis for 28 April 2024 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Loom Network.
Moving Averages | Price | Indicator |
---|---|---|
Simple Moving Average (10) | 0.050 | Buy |
Exponential Moving Average (10) | 0.050 | Buy |
Simple Moving Average (20) | 0.051 | Buy |
Exponential Moving Average (20) | 0.051 | Buy |
Simple Moving Average (50) | 0.055 | Buy |
Exponential Moving Average (50) | 0.055 | Buy |
While LOOM’s Williams %R indicator is at -69.09 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The relative Strength Index (RSI) indicates that the LOOM coin is in consolidation zone, as RSI is at 43. The MACD line is standing below of the signal line after a crossover. Loom Network investors need to wait for any directional change over the daily chart.
Loom Network has few recovery chances and might continue testing immediate resistance level of $0.060 in the coming days. While the gradual bullish movement in the overall cryptocurrency space can keep LOOM investors hopeful.