Trader Says There’s No Support for Altcoin That’s Exploded Over 285% in a Month, Predicts More Pain Looming
A crypto trader is issuing a warning on a low-cap altcoin that has enjoyed triple-digit price appreciation in a month.
Pseudonymous crypto analyst Altcoin Sherpa tells his 196,900 followers on the X social media platform that the decentralized applications (DApps) platform Loom Network (LOOM) is “on the way down” after experiencing “fast bull moves” over the past 30 days.
LOOM rose from its September 19th close of $0.0462 to a five-year high of $0.407 earlier this week.
According to Altcoin Sherpa, LOOM could rise modestly over the short term before resuming the downtrend and inflicting “more pain” as it lacks “any support.”
LOOM is trading at trading at $0.179 at time of writing, up by around 287% from its September 19th price of $0.0462.
Turning to Bitcoin, Altcoin Sherpa says that he is bullish on the flagship crypto asset over the short term.
“BTC: I think that this is going to go higher and fill out this inefficiency (price rising drastically and falling just as fast resulting in long candles and wicks). $30,200 is a one-million-dollar level. Funding negative, you know what that means…
I still have zero clarity on where BTC is going in the midterm.”
A negative funding rate means there are more short positions than long positions on Bitcoin, which some traders perceive to be a bullish indicator.
BTC is worth $28,420 at time of writing.
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The post Trader Says There’s No Support for Altcoin That’s Exploded Over 285% in a Month, Predicts More Pain Looming appeared first on The Daily Hodl.
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Author: Mark Emem
