Technical analysis by CHILL_TRADER99 about Symbol LOOM: Buy recommendation (10/23/2024)

Ascending Support Line: The price is respecting a clear ascending trendline, acting as support. Every time the price touches this line, it bounces back, suggesting that buyers are still in control.Moving Average: The 200-period moving average (red line) is providing additional support, and the price is currently above it, which typically signals a bullish bias.Potential Breakout: The projected price action shows a bullish scenario with a potential 28% upside from the current level. The target indicated on the chart is around $0.07130, with a current price of $0.05574.Resistance Levels: The upper horizontal resistance is marked near $0.07130. Breaking this level could open the door for a larger upward movement, but this would depend on the strength of the volume and market conditions.Price Target: If the ascending support continues to hold, the price may rise gradually before breaking out toward the $0.07130 resistance, representing a potential 28% gain from the current level.