The market underwent a correction this week, driven by rising inflation and interest rates. Bitcoin’s price stabilized in a balanced zone below $27,000, leading to a shift in market sentiment. While leading altcoins struggled to post strong performances, numerous emerging projects turned heads this week, leaving investors satisfied with hitting their short-term price targets. Nevertheless, traders are wondering whether LOOM, BNT and SOL prices can post additional gains in the coming week.
Investors are shifting their focus to new Altcoins
As Bitcoin’s dream of a bullish wave fades, it is forcing investors to significantly adjust their portfolios. Additionally, Glassnode indicates a net position change among HODLers in recent weeks, with Bitcoin’s low volatility and pressure from short-term holders contributing to lazy market sentiment.
As a result, emerging altcoins like Loom Network and Bancor Network are dominating social discussions, with both posting huge gains over the past week. Therefore, excitement around these altcoins is increasing, and the coming week could see an upward trend.
Loom Network (LOOM) Price Analysis
Loom price recently touched the 20-day EMA trendline at $0.248, but the bears have been unable to drive the price further down. Currently, bulls are preparing for a breakout to trigger a robust breakout next week.
Bears could try to push the price down to a crucial support at $0.24, a level where robust buying by bulls is expected. Should the price fall from this level, LOOM price could head towards its breakout point at $0.19.
Buyers have been making aggressive purchases in recent hours, creating a breakout moment from the consolidation. A rise above $0.3 could validate a 3x gain and LOOM price could reach a high of $0.9.
Also Read: Bitcoin Price Prediction for Next Week: Here’s Why BTC Will Continue to Struggle for an ‘Uptober’ Trend Revival
Bancor Network (BNT) price analysis
In the past seven days, BNT price has made a gain of almost 30%. Although the BNT price lost 50% of its gained value in the past three days, traders are preparing for another rise next week.
Recently, the price tried to fall below the EMA50 trendline at $0.449. However, buyers are now maintaining the momentum, creating buying pressure that is almost like a dip. If the price rises above the uptrend line of the pattern, BNT price could make an attempt to rise above $0.61. If you succeed, the BNT price will rise above $0.7.
However, a decline below $0.48 will validate a bearish path towards the breakout zone of $0.4-$0.42.
Solana (SOL) Price Analysis
Solana price recently fell below the 200-day EMA due to selling pressure from STHs. However, SOL price has successfully recovered from $21 and is now posting solid gains.
The stable EMA lines and rising RSI line suggest an upside for bulls. If the SOL price rises above $22.5, bulls will try to push the price above $25 to strengthen their positions.
Conversely, if the price were to fall below $21, it would shift the short-term advantage to the buyers. Next, the price could consolidate around $18.