LOOMUSD: A scripted pump happened. Will it break the 2 year Res?
LOOMUSD has seen in incredible rise during the last two weeks that just hit the LH trendline, basically the technical Resistance that is holding since November 2021. It is no surprise that the 1D timeframe is overbought but such parabolic rise turned even the 1W technicals overbought (RSI = 78.126, MACD = 0.007, ADX = 36.174). Keep in mind that this rise started after the token once again bottomed firmly on the S1 Zone, which has been the Bear Cycle's Support.
Our trading approach is simple. If LOOM closes a 1W candle over the LH trendline, it will be a technical long term bullish breakout. We will let the price then exhaust the rise and wait for a firm pullback to the 1D MA50, which will be the buy entry. Then our long term target for Q3 2024 will be near the ATH (TP = 0.24000).
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Our trading approach is simple. If LOOM closes a 1W candle over the LH trendline, it will be a technical long term bullish breakout. We will let the price then exhaust the rise and wait for a firm pullback to the 1D MA50, which will be the buy entry. Then our long term target for Q3 2024 will be near the ATH (TP = 0.24000).
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
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investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
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