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The cryptocurrency market was able to rebound slightly over the past 24 hours. According to CoinMarketCap data, the collective capitalization of the cryptocurrency market rose 0.89% during the past day of trading. Subsequently, the market was valued at around $1.05 trillion at press time.
Maker (MKR), 1Inch Network (1INCH), and Loom Network (LOOM) were among the cryptocurrencies that achieved a 24-hour gain. LOOM led the charge with its 16+% gain during this period and may continue to rise in the coming few days to potentially establish a new all-time high (ATH).
Meanwhile, MoonBeam (GLMR) was able to make it onto CoinMarketCap’s trending list after it deviated from the overall trend in the cryptocurrency market. While the majority of prices increased over the past 24 hours, GLMR was down 1.25%, according to the cryptocurrency market tracking website.
Maker (MKR)
MKR was able to achieve a 24-hour gain of 4.88%, elevating the altcoin’s price to $1,338.52 at press time. Along with the increase in price, MKR also recorded an uptick in its daily trading volume. At press time, MKR’s 24-hour trading volume was up 44% and stood at $64,495,955.
The daily RSI line crossed above the daily RSI SMA line over the past 24 hours. This is a significant bullish technical flag that suggests that buyers have gained the upper hand on MKR’s daily chart. If this technical flag is validated, the altcoin’s price may rise in the coming few days.
In this bullish scenario, MKR may attempt to flip the $1,385 resistance level into support. Thereafter, a daily candle close above this price point could clear a path for the cryptocurrency’s price to continue to climb to $1,605 in the following week.
On the other hand, if MKR fails to close a daily candle above $1,385 within the next 72 hours then it may be at risk of dropping to the immediate support level of $1,250. Continued sell pressure could drag MKR’s price below this crucial level to the subsequent benchmark at $1,120.
Moonbeam (GLMR)
GLMR saw its price drop 1.25% throughout the past day of trading. CoinMarketCap data indicated that the cryptocurrency’s price stood at $0.2291 as a result of this latest price drop. Most notably, GLMR’s trading volume surged 395.25% over the past 24 hours. Meanwhile, GLMR was trading closer to its 24-hour low of $0.2126, while its daily high stood at $0.2634.
From a technical standpoint, GLMR was trading between the key support level at $0.2240 and the resistance level at $0.2515 at press time. Interestingly, the altcoin had breached both of these levels already during today’s trading session. As a result, GLMR’s price may go either way in the next few days.
Should GLMR’s price fall below the $0.2240 support level, then it may be at risk of dropping to the next crucial support level at $0.2035 in the following 24-48 hours. Conversely, a second break above the $0.2515 barrier could clear a pathway for the cryptocurrency’s price to rise to the subsequent $0.2905 threshold.
Investors and traders will want to take note of the fact that the daily RSI on GLMR’s chart reached extreme overbought territory during the past 48 hours. Since then, the RSI line has declined to 68.03 at press time. The current negative slope of the RSI line suggested that buyers may be losing strength. Consequently, GLMR’s price may drop in the coming few days.
Loom Network (LOOM)
LOOM was one of the best performers in the market after its impressive 16.71% 24-hour gain. Subsequently, the altcoin was changing hands at $0.1271 at press time. This positive daily performance was a continuation of LOOM’s standout weekly performance. As a result, LOOM was up 178.31% over the past 7 days.
Earlier today, LOOM managed to surpass its previously established peak of $0.12697 on 23 September 2023, and climbed to $0.13131. Since then, the altcoin’s price has pulled back. Nonetheless, the altcoin was still trading above the key $0.11380 barrier at press time.
If LOOM breaks below this benchmark through the course of today’s trading session, then it may be at risk of plummeting to the next crucial level at $0.07800 in the following couple of days. Conversely, a daily candle close today above $0.11380 may lead to LOOM breaking above $0.13131 to reach a new all-time high (ATH).
1inch Network (1INCH)
1INCH was up 4.16% according to CoinMarketCap. This boosted the cryptocurrency’s price to $0.2665 at press time. The altcoin was able to establish a 24-hour peak of $0.2696 but has since retraced to trade at its current level. Nevertheless, 1INCH was still trading closer to its daily high despite this pullback. Meanwhile, 1INCH’s 24-hour low sat at $0.2554.
A positive trend line had formed on 1INCH’s daily chart after 1INCH’s price printed a second higher low during yesterday’s trading session. If the bullish trend evident on the altcoin’s daily chart continues in the coming weeks, then 1INCH may break above the $0.2895 resistance level soon.
If 1INCH is able to close a daily candle above this threshold, then it may continue to rise to the subsequent resistance level at $0.3280 within the following 2-3 weeks. A break below the recently formed trend line could invalidate this bullish thesis. In this scenario, 1INCH’s price may fall to the critical support level at $0.2194 in the following fortnight.
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