Crypto predictions ahead of FOMC: Loom Network, Tron, EOS

Crypto prices were relatively mixed on Wednesday morning as investors waited for the Federal Reserve interest rate decision. Bitcoin remained above $80,000, while the total market cap of all coins fell to $2.7 trillion. The crypto fear and greed index rose to the fear zone of 21, much higher than the weekly low of 18.

This article looks at the price predictions for some of the top-performing cryptocurrencies on Wednesday like EOS (EOS), Tron (TRX), and Loom Network (LOOM).

EOS price prediction

The EOS token jumped by over 30% on Wednesday after the developers announced that the network was rebranding to Vaulta. This rebrand will see the network bridge traditional banking with the power of Web3. 

Also, EOS will set up a banking advisory council to advance the finance mission. This council is made up of executives like Lawrence Truong (Systemic Trust), Didier Lavallee (Tetra Trust), Alexander Nelson (ATB Finance), and Jonathan Rizzo

The new EOS will focus on wealth management, consumer payments, portfolio investment, and insurance.

The daily chart shows that the EOS price bottomed at $0.4295 this month, and then bounced back to $0.6415. It formed a quadruple bottom, a popular bullish reversal sign whose neckline is at $1.5400.

Technicals suggest that the EOS price will maintain its bullish outlook as long as it is above the quadruple bottom point at $0.4295. However, there is a risk that the token will drop as the rebrand hype ends. A drop below the support at $0.4295 will invalidate the bullish outlook.

EOS chart by TradingView

Tron (TRX)

Tron token bounced back and reached a high of $0.2370 on Wednesday. This rebound happened after Justin Sun hinted that he would launch a wrapped TRX on the Solana ecosystem. 

The daily chart shows that the TRX price bottomed at around $0.2100 level this year. This price was along the 61.8% Fibonacci Retracement level. It has moved to the 100-day moving average and formed a descending triangle pattern, a popular bearish sign,

On the positive side, Tron has formed a small inverse head and shoulders pattern, while the two lines of the MACD have made a bullish crossover.

Therefore, the TRX coin price will bounce back, possibly hitting the next key resistance at $0.3200, the 38.2% retracement point. Such a move would be a 35% jump from the current level. 

Tron price chart | TradingView

Lom Network (LOOM)

Loom Network price surged to a high of $0.0685 on Tuesday, up by over 87% from its lowest level this year. It then erased most of those gains and was trading at $0.047 on Wednesday.

Loom token surged even after Bithumb, a popular South Korean exchange, introduced a caution tag on it. It designated it as an investment caution item, citing numerous deficiencies on the network. It also noted that the network had transparency issues. 

The daily chart shows that the Loom price bottomed at around the $0.041 support level and then went parabolic after the Bithumb news. It initially jumped above the 100-day moving average and then retreated back to $0.047. Loom Network remains slightly above the key support at $0.041, while the MACD has formed a bullish divergence pattern. 

Loom Network price will likely keep rising as bulls target this week’s high of $0.0686. A drop below this month’s low of $0.036 will point to further downside. 

Other top cryptocurrencies to watch

Traders will watch other top coins ahead of the Federal Reserve decision. Some of the top trending tokens to consider are Pi Network, Cosmos, Polkadot, and Sundog.