LOOM/USDC - making moves up to $0.25
Updated
Loom has formed an ascending triangle over the last month. On the 6h chart we can see a line of resistance that's formed at 0.1856, however we also have a second line of resistance that's formed parallel to our support trend line. The price can break above this line of resistance but it has a hard time staying up. If it can break above BOTH lines, we could see a strong continuation up to 25 cents (psychological level) for an ATH, and hopefully achieve a new level of support on that upper trend line. If it can't break above the yellow trend line for a sustained period of time, the purple support line could very well continue to nudge Loom steadily towards new highs, albeit at a slower rate.
A couple other notes: The RSI has experienced higher lows for a full month now. We can also see there's a cup and handle that's formed, similar to BTC, suggesting a continuation upwards. With all these signs in place I remain long on Loom. There are obviously bearish scenarios but I am drawing conclusions based on the strong upward trends that we see here.
Criticism is highly welcomed as I'm new to TA
A couple other notes: The RSI has experienced higher lows for a full month now. We can also see there's a cup and handle that's formed, similar to BTC, suggesting a continuation upwards. With all these signs in place I remain long on Loom. There are obviously bearish scenarios but I am drawing conclusions based on the strong upward trends that we see here.
Criticism is highly welcomed as I'm new to TA
Note
3/21 - You can see the downtrend now - expecting this to bounce off of support at .1650 in another 24-36 hours and continue back up
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