Crypto Contest May 15: Loom Network

Loom Network (LOOMBTC) has broken out of the triangle pattern in the four-hour chart.

(Chart courtesy of Tradingview.com (log scale))

Elliott Wave Analysis

In Elliott Wave terms, Loom Network began a wave one advance on May 2. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on May 4, and the red wave two (blue sub-waves a-b-c) correction ended on May 12. If this wave count is correct, Loom Network should be heading next towards the May 4 peak in the red wave three.

(Chart courtesy of Tradingview.com (log scale))

Loom Network started trading on Binance only in May. One can find the longer term chart (starting in March) from CoinMarketCap.

(Chart courtesy of CoinMarketCap.com)

Funnymentals

Loom Network offers DApp scaling solution for Ethereum, focused on games and social apps. Crypto Love published a platform overview on May 5.

(Sources: https://loomx.io/ and YouTube)

If you think this analysis is correct, upvote this post (min $0.01) and upvote the comment (min $0.01) "Loom Network will takeout the May 4 peak".

If you think this analysis is wrong, upvote this post (min $0.01) and upvote the comment (min $0.01) "Loom Network will drop below the May 2 low".

If you think Loom Network is in a range, upvote this post (min $0.01) and upvote the comment (min $0.01) "Loom Network will stay in a trading range between the May 2 low and the May 4 peak until June 20".

You can upvote the comment until 3 PM EST May 18 and you can upvote only one comment. 50% of SBD from this post will be distributed equally to the winners. The winners will be determined by the price action (which one happens first).

Bonus

I will be sending one Trophy Token (@trophy-token) to everyone who manages to get these crypto contests right seven times in a row. If/when you accomplish this, please contact me at Steemit Chat with your BitShares address.