\nThe exhausted bullish momentum hints the LOOM price is poised for a minor retracement; Should you buy this dip?\t\t\t\t<\/p>\n
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Since early September, the Loom coin price has outperformed its peers in the crypto market<\/a>. From the September 2nd low of $0.0374, the coin price showed a remarkable rally to the $0.2948 high, registering a total gain of 682.6%. However, the price started witnessing supply pressure around the $3 psychological level raising the question of exhausted bullish momentum.<\/span><\/p>\n <\/p>\n Also Read: Odds Of Spot Bitcoin ETF Approval By US SEC Rises Above 90%: Bloomberg<\/a><\/p>\n Defying the broader market uncertainty, the Loom Network coin price has shown a parabolic growth in the daily timeframe chart. While there isn\u2019t a clear catalyst for this recent rally, the notable trading activities on the South Korean exchange platform Upbit have raised attention.\u00a0<\/span><\/p>\n By the press time, the LOOM price trades at $0.27, with a modest intraday gain of $0.5. However, at the $0.3 barrier, the coin price formed two long-wick rejection candles, reflecting indecisiveness among traders. These candles of uncertainty forming after a huge rally hint at the exhaustion of bullish momentum and an early sign of an upcoming correction.\u00a0<\/span><\/p>\n<\/blockquote>\n Anyhow, it is common for an asset to show some retracement after a significant recovery to recuperate the exhausted bullish momentum. This is a healthy activity that may also offer buyers to reaccumulate this crypto at a discounted price.<\/span><\/p>\n <\/p>\n Amid the anticipated retracement, the Fibonacci Retracement Tool<\/a> can assist traders in identifying crucial support levels that can resume the recovery trend. The first noteworthy support stands at the $0.33 mark, coinciding with the 23.6% Fibonacci level, followed by the $0.2 psychological support, which aligns with the 38.2% Fibonacci retracement. Additionally, the $0.165 level, corresponding to a 50% retracement, could serve as a crucial support level. A breach below this point might suggest a weakening of buyer momentum, thereby flagging increased risk for the coin\u2019s bullish outlook.<\/span><\/p>\n \n Share this article on:<\/p>\n –><\/p>\n Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading <\/p>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\nExhausted Bullish Hints Minor Correction Ahead<\/b><\/h2>\n
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Key Levels to Watch\u00a0<\/b><\/h2>\n
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