Cryptocurrencies had another challenging week as the US dollar index (DXY) and bond yields rally faded. Bitcoin dropped back to $26,000 while Ethereum slumped to its lowest level in months. The ongoing trial of Sam Bankman-Fried (SBF) was one of the few news events. This article looks at top coins to watch, such as THORChain (RUNE), Loom Network (LOOM), and Lido DAO (LDO).
Loom Network Price Forecast
Loom Network price has been defying gravity in recent months. It surged to a high of $0.300, ~670% higher than its lowest level this month. It has become the best-performing cryptocurrency in the world. Along the way, the coin has moved above the 50-day and 100-day moving averages (MA). Meanwhile, oscillators like the Relative Strength Index (RSI) and the Stochastic Oscillator have reached the extremely overbought level. It has also jumped over the Ichimoku cloud. This surge happened after the coin was listed by Gate, LBANK, and Binance.
Based on the Wyckoff model, I believe the risk/reward ratio is not favourable at this time. This means that the token has moved into the markup stage, where demand is usually greater than supply. Therefore, it will now enter the distribution phase, followed by a markdown. As such, the outlook is now bearish, with the next level to watch being at $0.15.
How to Buy $LOOM
The Bitvavo platform was launched in 2018, with the goal of bridging the gap between traditional currencies and digital assets. Bitvavo is making digital assets accessible to everyone by offering transparent fees, a wide range of assets, and an easy-to-use platform.
BKEX is a centralized cryptocurrency exchange based in the British Virgin Islands. It offers 254 coins and 415 trading pairs.
THORChain Price Forecast
The daily chart shows that RUNE price surged to a high of $2.26 on October 1st. It has now pulled back as the recent momentum faded, indicating that it has entered the distribution phase of the Wyckoff model. It has also formed an ascending channel and is now at the lower side.
RUNE price has formed a bearish divergence pattern, which is usually a bearish sign. The Stochastic Oscillator has moved to the oversold level. Most notably, it has formed a small hammer pattern. This pattern signals that the coin will continue to rise as buyers target the resistance point at $2.0. This view will be invalid if it moves below the lower side of the hammer at $1.50.
How to Buy RUNE
KuCoin is a global cryptocurrency exchange offering numerous digital assets and cryptocurrencies. Since its launch in September 2017, KuCoin has grown into one of the most popular crypto exchanges, with over 5 million registered users from 200+ countries and regions. According to Alexa traffic ranking, KuCoin’s monthly unique visit ranks in the top 5 globally.
Lido DAO Price Prediction
LDO price has been in a tight range amid a prolonged slow growth in the liquid staking industry. It has found a strong support at $1.41, which is the lower side of the descending triangle pattern.
Lido DAO price is consolidating at the 50-day moving average while the Stochastic Oscillator has moved to the oversold point. Therefore, because of the descending triangle pattern, there is a likelihood that it will have a bearish breakout now that the triangle is nearing the confluence zone.