The price of #LoomNetwork has surged 32% in the past day, approaching the weekly resistance level of $0.294.
The high-leverage traders are likely to give in on a move over the $0.3 to $0.32 range.
The $LOOM #cryptocurrency cryptocurrency on the Upbit market in South Korea is extremely overbought.
The Loom Network token (LOOM) is trending upwards and is a potentially profitable investment for traders employing the scalping strategy of rapidly purchasing and selling an asset for a profit. Traders who rely on LOOM's price fluctuations for making fast entry and exit trades should exercise increased vigilance because of the indicators of possible manipulation.
Increase in Loom Network's Cost
Over the past 24 hours, the price of Loom Network token (LOOM) on the binance market has increased by over 30%, and over the past 4 days, it has increased by over 50%. Even on the weekly timeframe, LOOM has not yet pulled back, recording new highs to the current level, where it tests the weekly resistance at $0.269. Longs are having a field day.
With an RSI of 93, LOOM token is extremely overbought; nevertheless, the upward momentum indicator suggests it may be too soon to sell. If buying pressure keeps building, the Loom Network price may break over the $0.30 and $0.320 resistance levels and test the $0.300 psychological barrier, where high-leverage traders are expected to fold.
The current price of Loom Network is resting on a level of local support at $0.168. This level was once a barrier but has since been converted to support. If the token is unable to push through the weekly barrier, it may drop to test the next support level at $0.096.