The market underwent a correction this week, influenced by rising inflation and interest rates. Bitcoin’s price stabilized in a balanced zone below $27K, sparking a shift in market sentiment. While leading altcoins struggled to deliver strong performances, numerous emerging projects captured attention this week, satisfying investors with their achievement of short-term price goals. Nonetheless, traders are wondering if LOOM, BNT, and SOL prices can register additional gains in the upcoming week.
Investors Switch Focus To New Altcoins
As Bitcoin’s dream for a bullish surge fades, it forces investors to significantly adjust their portfolios. Furthermore, Glassnode indicates a net position change among HODLers in recent weeks, with Bitcoin’s low volatility and pressure from short-term holders contributing to a lazy market sentiment.
As a result, emerging altcoins like Loom Network and Bancor Network are dominating social discussions, both logging massive gains over the past week. Therefore, the excitement surrounding these altcoins is rising, and a soaring trend might be witnessed in the upcoming week.
Loom Network (LOOM) Price Analysis
Loom price has recently touched the 20-day EMA trend line at $0.248, but bears failed to drive the price further below. Currently, bulls are now preparing for an escape to trigger a robust breakout next week.
Bears may attempt to drive the price down to a crucial support at $0.24, a level where robust purchasing by bulls is anticipated. Should the price decline from this level, LOOM price might head toward its breakout point at $0.19.
In recent hours, buyers are making aggressive purchases, creating a breakout moment from its consolidation. A surge above $0.3 might validate a 3x gain and LOOM price might reach a high of $0.9.
Bancor Network (BNT) Price Analysis
In the last seven days, BNT price registered a gain of nearly 30%. Though the BNT price lost 50% of its gained value in the last three days, traders are preparing for another surge next week.
Recently, the price attempted to drop below the EMA50 trend line at $0.449. However, buyers are now holding the momentum, creating buying pressure near dip. If the price surges above the pattern’s upward line, BNT price might attempt a surge above $0.61. Successful in this will push the BNT price above $0.7.
However, a drop below $0.48 will validate a bearish path toward the breakout zone of $0.4-$0.42.
Solana (SOL) Price Analysis
Solana price recently dropped below the 200-day EMA following selling pressure from STHs. However, the SOL price has successfully rebounded from $21 and is now registering solid gains.
The stable EMA lines and surging RSI line suggest an advantage for bulls. If SOL price surges above $22.5, bulls will try to take the price beyond $25 to strengthen their positions.
Conversely, should the price drop below $21, it would skew the short-term advantage towards the buyers. Subsequently, the price might consolidate around $18.
The post appeared first on Coinpedia
