The LOOM Network (LOOM) price reached a new yearly high of $0.210 today.
LOOM has also reached the $0.200 resistance area, the final one before the all-time high price of $0.770. Will it break into the top 100 cryptocurrencies by market capitalization?
LOOM Reaches New Yearly High
The weekly timeframe technical analysis shows that the LOOM price broke out from a long-term descending resistance trendline at the beginning of October. The trendline had been in place for 950 days.
The movement is not in line with the rest of the crypto market, which has been bearish in October. Before the breakout, the price had made five unsuccessful attempts at doing so.
LOOM has increased rapidly since breaking out and reached a new yearly high of $0.210 today. The altcoin fell slightly afterward, validating the $0.200 horizontal area as resistance.
The resistance area has been in place since 2020 and is the final one before the all-time high of $0.770.
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Author: Valdrin Tahiri
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