Loom Network (LOOM), Stellar (XLM), and Metal (MLT) have all increased during the weekend. While XLM cleared a crucial resistance, LOOM and MLT are still trading below their main resistance levels.
Although the cryptocurrency market remained relatively steady over the weekend, these cryptocurrencies experienced substantial gains. As a result, they are now recognized as the weekend’s top-performing altcoins.
Loom Network (LOOM) Leads Altcoin Gainers
The LOOM price has followed an ascending support line since June 14. The line was recently validated three times in August – September (green icon).
The price began a sharp upward movement after the final bounce on September 10. Loom increased by 25% during the day, reaching the $0.047 horizontal resistance area in the process.
However, the LOOM price did not break out. Rather, it created consecutive long upper wicks (red icons), both considered signs of selling pressure. Whether the price breaks out from the $0.047 area or gets rejected will determine the direction of the next move.
A successful breakout could lead to a 40% increase to the $0.062 resistance area, while a rejection can cause a drop to the ascending support line. The support line is currently at $0.039, nearly 14% below the current price.
Stellar (XLM) Price Clears Resistance After Breakout
The XLM price fell below a descending resistance line since July 13. The decrease continued until August 17, culminating with a low of $0.105. The price then bounced, creating a long lower wick and validating the $0.110 support area (green icon). XLM has increased since.
Then, XLM broke out from the resistance line on September 4 and has increased since. Over the weekend, the price cleared the $0.130 resistance area and is currently in the process of validating it as support.
If successful, XLM can increase by 22% and reach the next resistance at $0.160. However, if XLM drops below the $0.130 area, an 18% drop to the $0.11 horizontal support area will likely be the future price outlook.
The MTL price has increased alongside an ascending support line since November 2022. More recently, the price bounced at the line on August 17 (green icon), creating a long lower wick.
This initiated an upward movement that is still ongoing. MTL has nearly reached a descending resistance line that is currently at $1.35.
When combined with the support line, this creates a symmetrical triangle, considered a neutral pattern.
Whether the price breaks out from the resistance line or gets rejected and drops will determine the next movement. A breakout will cause a 20% increase to the next resistance at $1.60, while a rejection will likely cause a 30% drop to the ascending support line, currently at $1.
For BeInCrypto’s latest crypto market analysis, click here.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
Sponsored
