Loom, Stellar, and Metal: The Weekend Winners in the Crypto World
Date: 2023-09-11 Author: Dima Zakharov Categories: BLOCKCHAIN
Despite the prevailing negative sentiment in the crypto market, some coins managed to defy the selling pressure and spent the weekend in the "green zone." Among the standout performers at the end of the week were Loom Network (LOOM), Stellar (XLM), and Metal (MTL). In this article, we'll delve into the most exciting developments concerning these three cryptocurrencies.
Loom Network (LOOM) May Surge by 40%:
Starting from June 14th, LOOM has been following an ascending support line, confirmed three times over the past few weeks. On September 10th, the token saw a sharp rebound from this line, showcasing an impressive 25% growth, reaching the horizontal resistance area at $0.047. A successful breakthrough and consolidation above this level could lead to a 40% surge towards the resistance zone at $0.062, while failure would bring LOOM back to the ascending support line.
Stellar (XLM) Overcomes Another Hurdle:
Since July 13th, XLM had been tracing a descending resistance line, resulting in a local low of $0.105 before August 17th. Afterward, the price bounced back, confirming the horizontal support area at $0.110 and forming a long lower wick (indicated by a green marker on the chart), a sign of buying pressure. On September 4th, Stellar broke above the resistance line and has been on an upward trajectory since then. Over the weekend, the price crossed the $0.130 mark and currently seems to regard it as a support level. In the event of a successful continuation, XLM might experience a 22% surge, reaching the next resistance level at $0.160. However, if the price dips below the $0.130 region, an 18% drop could bring it to the horizontal support area at $0.11.
Metal (MTL) Sustains its Upward Momentum:
MTL's price has been following an ascending support line since November 2022. On August 17th, the token bounced off this line, forming a long lower wick, and came close to the descending resistance line, currently positioned at $1.35. Presently, MTL is trading within a symmetrical triangle, considered a neutral pattern. Breaking out above the triangle could lead to a 20% uptrend to the next resistance level at $1.60. Conversely, a breakdown might trigger a 30% descent to the ascending support line, currently at $1.
In a crypto market often filled with volatility and uncertainty, these recent developments with Loom Network, Stellar, and Metal offer a glimmer of optimism. Investors and enthusiasts will undoubtedly keep a close eye on these three coins as they navigate their respective paths in the coming weeks.
