A low horizontal loop is generally going to be a "cloud warmer", meaning if you transmitted with it, most of the energy goes straight up, warming the clouds. That can be ok for receiving near-in and medium-distance stations, but will be quite far down to one of the other antennas mentioned above.
But again, I say "generally", because there can be some exceptions.
If you can, you may want to try comparison against a vertical antenna, or even a vertically-oriented loop. And of course, it doesn't need to be round - a single rope up in a tree to suspend the apex of a triangle is fine.
One of my fav antennas is the Inverted-L. if you have a few trees up 25 feet or so, you can (or get someone to help) make a 45 ft or so wire, with 23 ft or so high, 23 feet or so over to the next tree. It makes a decent all-band RX antenna for 4 MHz or so and up to 30 MHz or more. A 4:1 "UnUn", or 9:1 at the base gives you a better match, and can help if your signal strengths are down. Use a groung rod, or your chain-link fence pipes for the "ground" connection to your coaxial cable.
These are all dirt-cheap homebrew antennas that could help, with the possible exception of the "UnUn" matching transformer.
Anyway, your low horizontal antenna is probably not a great choice, assuming you want to receive out to long distances, so trying out other options would probably pay off for you.

The PROOF would be if you keep the old antenna too, and then switch connections in real time to determine which antenna works better.