\nCompletion of the rounding bottom pattern sets the LOOM price for a prolonged bullish trend; is it still worth buying?\t\t\t\t<\/p>\n
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Defying the widespread uncertainty in the crypto market, the loom coin price has witnessed a parabolic rally<\/a> since the beginning of September. From the September 2nd low of $0.037, the coin price has surged 855% to currently trade at $0.35. Amid this rally, the coin price has also breached the neckline resistance of a long-coming rounding-bottom pattern, indicating this altcoin is poised for further rally.<\/span><\/p>\n <\/p>\n Also Read: Why Ark Invest\u2019s Updated Bitcoin ETF Filing Is Bullish for BTC Price?<\/a><\/p>\n The Loom Network coin price following the sentiment of the uptomber, has outperformed a majority of major cryptocurrencies. On October 12th, the coin price gave a decisive breakout from the $0.248 neckline resistance of a rounding bottom pattern<\/a>.\u00a0<\/span><\/p>\n In theory, this chart pattern is often spotted at major market bottoms and provides an early sign of trend reversal. The loom price forming this pattern for over 900 days accentuates that it should have a strong impact on this asset.\u00a0<\/span><\/p>\n<\/blockquote>\n By the press the loom price trades at $0.365 with an intraday gain of 5.86%. In theory, the potential target under the influence of a round bottom pattern is the same distance between the bottom floor and neckline resistance measured from the breakout point.<\/span><\/p>\n Thus, with sustained buying the coin price is likely to rise another 27% to hit the $0.468 mark.<\/span><\/p>\n <\/p>\n It is crucial to note that the looming price has witnessed a remarkable recovery in just a short span. In technical analysis such aggressive buying is unstable and therefore the prices would need some pullbacks to recuperate the exhausted bullish momentum<\/a>. The anticipated pullback could retest the prior support zone and offer dip opportunities to traders.<\/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>\nWill LOOM Price Recovery Extend?<\/b><\/h2>\n
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Is the Current Rally Sustainable?<\/b><\/h2>\n
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