A crypto trader is issuing a warning on a low-cap altcoin that has enjoyed triple-digit price appreciation in a month.<\/p>\n
Pseudonymous crypto analyst Altcoin Sherpa tells<\/a> his 196,900 followers on the X social media platform that the decentralized applications (DApps) platform Loom Network (LOOM<\/a>) is \u201con the way down\u201d after experiencing \u201cfast bull moves\u201d over the past 30 days.<\/p>\n LOOM rose from its September 19th close of $0.0462 to a five-year high of $0.407 earlier this week.<\/p>\n According to Altcoin Sherpa, LOOM could rise modestly over the short term before resuming the downtrend and inflicting \u201cmore pain\u201d as it lacks \u201cany support.\u201d<\/p>\n LOOM is trading at trading at $0.179 at time of writing, up by around 287% from its September 19th price of $0.0462.<\/p>\n Turning to Bitcoin, Altcoin Sherpa says<\/a> that he is bullish on the flagship crypto asset over the short term.<\/p>\n \u201cBTC: I think that this is going to go higher and fill out this inefficiency (price rising drastically and falling just as fast resulting in long candles and wicks). $30,200 is a one-million-dollar level. Funding negative, you know what that means\u2026<\/i><\/p>\n I still have zero clarity on where BTC is going in the midterm.\u201d<\/i><\/p>\n A negative funding rate means there are more short positions than long positions on Bitcoin, which some traders perceive to be a bullish indicator.<\/p>\n BTC is worth $28,420 at time of writing.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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