#LOOM LOOM daily chart analysis:

1. After a plunge of 71.93% on May 7, LOOM formed a consolidation range between 0.0034 and 0.00518, with the price oscillating within this range. The body of the K-line operated above 0.00389, and a rebound occurred from May 10 to May 12, with the highest price rebounding to 0.00488 before quickly closing, without breaking the previous high of 0.00518. Therefore, a downward trend was established, necessitating a downward test of support. Subsequently, on May 15, the K-line body broke below the support of 0.00389, further establishing a bearish trend, and on May 17, it broke the previous low of 0.0034, forming a new low of 0.00326.
2. In the next three days, focus on the closing situation of the K-line. If the daily chart's body can successfully close above 0.00389, it will be considered a false breakout, and the daily chart will be bullish. (Trend A), otherwise, the downward trend will continue.
3. The MACD shows a slowing pattern, with the fast and slow lines running below the 0 axis, already displaying a flat and slowing shape. Over time, there is a tendency to form a golden cross underwater.
4. VOL - After the sharp drop in trading volume on May 7, the trading volume has significantly shrunk, indicating a serious wait-and-see sentiment in the overall market. Most of the bulls have been violently liquidated on May 7. The bearish trend has slowed down, and most of the bears have taken profit and left.
5. The current price is operating in a very low price range, with limited profit space for bears; the risk far outweighs the reward, and the amplitude of the daily chart also indicates that the market's bearish intent is not strong!
6. Price movements follow the principle of least resistance, the daily chart is likely bullish unless a black swan event occurs. Key resistance levels to pay attention to: 0.0098/0.013/0.01389/0.0236, reasonable position reduction!