Market Correction: Rising Inflation and Interest Rates Impact, Bitcoin Stabilizes Below $27K, Shifting Sentiment. Emerging Projects Impress, LOOM, BNT, SOL Gains Awaited.
With Bitcoin’s bullish hopes waning, investors are rethinking their portfolios. Glassnode data shows HODLers making changes lately, as Bitcoin’s stability and short-term holders create a sluggish market vibe.
Amid this, emerging altcoins like Loom Network and Bancor Network have been in the spotlight, scoring big gains. This has stirred up excitement, hinting at a potential upward trend in the week ahead.
Analysis of Loom Network (LOOM) Price
Loom’s price recently hit the 20-day EMA line at $0.248 but didn’t drop further, as bears failed to push it down. Right now, the bulls are getting ready for a potential strong breakout in the upcoming week.
If bears try to push the price down, it might find solid support at $0.24, a level where the bulls are expected to step in and buy. If the price falls below this point, it could head towards its breakout level at $0.19.
In the past few hours, buyers have been making aggressive purchases, which could lead to a breakout from the current consolidation. If the price goes above $0.3, it could signify a potential 3x gain, with LOOM’s price possibly reaching as high as $0.9.
Analysis of Bancor Network (BNT) Price
In the past week, BNT’s price went up by around 30%. However, it lost 50% of those gains in the last three days. Despite this dip, traders are gearing up for a potential surge in the coming week.
Recently, the price tried to go below the EMA50 line at $0.449, but buyers stepped in to support it, creating buying interest during the drop. If the price manages to rise above the upward trend line, BNT might aim for a surge above $0.61, and a successful move could push it beyond $0.7.
On the flip side, if the price falls below $0.48, it could signal a bearish trend towards the breakout zone of $0.4-$0.42.
Analysis of Solana (SOL) Price
Solana’s price recently dipped below the 200-day EMA due to selling pressure from short-term holders. However, it bounced back from $21 and is now showing strong gains.
The steady EMA lines and the rising RSI indicator indicate an advantage for the buyers. If the SOL price goes above $22.5, the bulls will likely aim for a move beyond $25 to solidify their position.
On the other hand, if the price falls below $21, it could shift the short-term advantage in favor of the sellers, and the price might consolidate around $18.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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