coinjournal.net
Cryptocurrencies had another difficult week even as the US dollar index (DXY) and bond yields rally waned. Bitcoin dropped back to $26,000 while Ethereum slumped to the lowest level in months. There was no major news except the ongoing trial of Sam Bankman-Fried (SBF). This article looks at some of the top coins to watch like THORChain (RUNE), Loom Network (LOOM), and Lido DAO (LDO).
Loom Network price prediction
Loom Network price has defied gravity in the past few months. It surged to a high of $0.300, ~670% above the lowest level this month. It has become the best-performing cryptocurrency in the world. Along the way, the coin has jumped above the 50-day and 100-day moving averages (MA).
At the same time, oscillators like the Relative Strength Index (RSI) and the Stochastic Oscillator have moved to the extremely overbought level. It has also jumped above the Ichimoku cloud. This surge happened after the coin was listed by the likes of Gate, LBANK, and Binance.
I believe that the risk/reward ratio is not favourable for now based on the Wyckoff model. In other words, the token has moved to the markup stage, where demand is usually higher 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.
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. This is a sign 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 importantly, it has formed a small hammer pattern. This pattern signals that the coin will continue rising 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.
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.
