Cryptocurrency News

The prices of Loom Network (LOOM), Bancor (BNT), and Solana (SOL) should see further gains during the coming week.

This week’s market slump was brought on by higher inflation and interest rates. After Bitcoin’s price reached a stable level below $27,000, the market’s outlook changed. Leading cryptocurrencies struggled to generate significant performances this week, while a number of new projects caught investors’ interest by meeting short-term price targets. However, market participants are speculating as to whether the values of LOOM, BNT, and SOL may continue to rise in the following week.

Focus Shifts Of Investors To New Altcoins

The prospect of a positive surge for Bitcoin is fading, forcing investors to make big changes to their portfolios. Additionally, Glassnode shows a net shift in HODLers’ positions in recent weeks, with Bitcoin’s low volatility and pressure from short-term holders both adding to a sluggish market mood.

As a result, new cryptocurrencies like Loom Network and Bancor Network—both of which have had significant price increases over the past week—are gaining popularity on social media. As a result, interest in these alternative coins is growing, and in the coming week, a rising trend may be seen.

Prices for Loom Network (LOOM)

The 20-day EMA trend line was recently touched by the price of loom at $0.248, but bears were unable to push the price farther lower. Bulls are currently getting ready for an escape that will lead to a powerful breakout next week.

Bears can try to push the price below $0.24, a key support level where bulls are expected to buy heavily. LOOM price may move towards its breakout point at $0.19 if it drops from this level.

In recent hours, buyers have been acting hastily, causing a breakout from consolidation. A spike above $0.3 might confirm a 3x gain, and the LOOM price could hit a high of $0.9.

Prices for Bancor Network (BNT)

The price of BNT increased by roughly 30% over the previous seven days. Trading participants are gearing up for another spike next week, despite the BNT price losing 50% of the value it had gained over the previous three days.

Recently, around $0.449, the price made an attempt to fall below the EMA50 trend line. However, buyers are still maintaining the pace and exerting pressure to buy around the dip. BNT price may attempt a leap above $0.61 if it rises above the upward line of the pattern. If successful, this will raise the price of BNT above $0.7.

However, a decline under $0.48 will confirm a bearish trend in the direction of the breakout range of $0.4–$0.42.

Price Analysis of Solana (SOL)

The 200-day EMA was just breached by the Solana price as a result of selling pressure from STHs. The SOL price, however, has successfully recovered from $21 and is currently showing significant gains.

The steady EMA lines and rising RSI line indicate a bullish advantage. Bulls will attempt to push the price above $25 if SOL price jumps above $22.5 in order to support their positions.

On the other hand, should the price fall below $21, the edge would tilt in favour of the purchasers in the near run. The price may then stabilise at around $18.

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