I’m holding a LOOM bag on CoinbasePro. As you probably know, Coinbase will be one of the last exchanges to complete the token swap to LOOMX, and they have stated it will happen “at a later date sometime during 2021”. So keep that in mind for this analysis.
Since about the 5th of January, we have watched LOOM progress within the parallel trading channel that I have depicted on my chart. A lot of LOOM holders were expecting a major breakout on February 1st, the date of the supposed token swap. For more info on what the token swap is all about, check with the LOOM website. But as we know, the 1st of February has come and gone, and we have not seen the predicted breakout. But this is not disappointing to me, and I’ll tell you why…
The longer we see the price line bounce around within this parallel trading zone, the better. If LOOM holds above the rising base line, I have no worries at all, and I’ll patiently wait no matter how long it takes for CoinbasePro to execute the automatic token swap to the new LOOMX tokens. Reason being, the longer we stay within what I believe to be a consolidation zone, the stronger the price breakout will be. Personally, I’m looking for at least a 4X or higher bounce once this technical progression comes to a head. That’s why I see no reason to rush. I have been accumulating since 0.023, and you know that I’ve already flipped LOOM in the past for a decent profit if you’ve followed my posts.
However, I’m not swing-trading this token anymore. I think it’s best to sit on it until it makes a move. If you have been watching the “USDC Gold Mine”, as I like to call it, there has been a lot of powerful movement and explosive breakouts with the projects within this pairing group on CoinbasePro. I love them all, and hold a bag of MANA, DNT , CVC , & GNT . I sold my bag of BAT, but I will probably jump back in and ride it before it breaks out again. Right now, I see LOOM as having the greatest value of all the projects within the group. With 1B coins in the max supply and only 833,914,552 in circulation, I don’t find another project available from any US-approved exchange that has similar value. So that’s why I’m gambling on this one.
As the price continues to fluctuate within the parallel trading channel, I’m watching for the price that the peaks and valleys returns. At the dips, if we keep getting a higher base price, we are golden. Add to that the fact that the On-Balance appears to be showing us that the big fat cats are steadily accumulating, as the OBV line keeps on leveling up. If we don’t see a dump on the OBV line, we could be in for a ride when this puppy finally breaks out.
Take this with a grain of salt, and don’t go emptying out your little bank accounts just because I made this glowing post. Do your own research, or run the risk of ending up in the soup line. Nothing is guaranteed in this crazy world of crypto. “That being said” (and I HATE that overused phrase), what are YOUR thoughts about LOOM, the token swap, and the future price potential as we head into alt season? I’d love to hear it!
THEE CryptoPro of crypto pros