Loom Network (LOOM), Stellar (XLM), and Metal (MLT) rose over the weekend. While XLM has broken through a key resistance, LOOM and MLT are still trading below major resistance levels. Although the cryptocurrency market remained relatively stable over the weekend, these cryptocurrencies made significant gains. As a result, it is now considered the best performing altcoins of the weekend.
Loom Network (LOOM) tops altcoin winners
LOOM price has followed a rising support line since June 14. According to analyst Valdrin Tahiri, this line has been confirmed three times, most recently in August – September. The price started a sharp upward move after the last bounce on September 10. Loom gained 25% on the day and reached the horizontal resistance area at $0.047. However, the LOOM price did not break out. Rather, it formed consecutive long upper wicks (red symbols), both of which are considered a sign of selling pressure. Whether the price breaks out of the $0.047 zone or gets rejected will determine the direction of the next move. A successful break could lead to a 40% rally to the $0.062 resistance area, while a rejection could lead to a decline to the ascending support line. The support line is currently at $0.039, approximately 14% below the current price.
Stellar (XLM) price broke out
XLM price has fallen below a descending resistance line since July 13. The decline continued until August 17, resulting in a low of $0.105. The price then bounced back, forming a long lower wick and confirming the $0.110 support area (green icon). XLM has increased since then. Then, XLM broke out of the resistance line on September 4 and has increased since then. Over the weekend, the price cleared the $0.130 resistance area and it is currently in the process of confirming it as support. If successful, XLM could rise 22% and reach the next resistance at $0.160. However, if XLM declines below the $0.130 area, an 18% decline to the $0.11 horizontal support area is likely to be the future price outlook.
How long will the metal (MTL) rise continue?
MTL price has increased along an ascending support line since November 2022. More recently, the price bounced off the line on August 17 (green icon), forming a long lower wick. This started an upward move that is still ongoing. MTL has almost reached the descending resistance line, which is currently at $1.35. When combined with the support line, this forms a symmetrical triangle, which is considered a neutral formation. Whether the price breaks out of the resistance line or is rejected and falls will determine the next move. A breakout would cause a 20% rally to the next resistance at $1.60, while a rejection would likely cause a 30% decline to the ascending support line, currently $1.
