Loom Network rally continues to 2018 levels, unaffected by Bitcoin and Ethereum-led crypto market gloom. They are outperforming the rest.
Built on the Ethereum blockchain to support large-scale decentralized applications, the token’s price has increased by 28% in the last 24 hours, bringing its total gains in the previous week to 43%, in two weeks to 109%, and in 30 days to 527%.
According to market data compiled by CoinMarketCap, $643 million in trading volume is flooding into LOOM, an increase of 208%. The market capitalization of Loom Network is also rising, increasing by 27% to $332 million. The token is ranked 89th among all cryptocurrencies, including stablecoins.
Price Prediction for Loom Network: Rally Shows No Signs Of Halting
With LOOM’s continued ascent on the MEXC exchange, traders can profit from superb scalping opportunities. Considering the lock-step movements of prominent cryptocurrencies, the short-term bursts permit new entrants to purchase and sell digital asset for small but meaningful profits over short periods.
The bullish prognosis is supported by the Moving Average Convergence Divergence (MACD) indicator’s upward trajectory. As long as the MACD is above 0.02, traders may wish to maintain their long positions. However, extreme caution is advised given that the Relative Strength Index (RSI) is extremely overbought at 93.
Multiple patterns of golden crosses support the uptrend. A golden cross occurs when a short-term moving average crosses above a long-term moving average, bolstering the favorable outlook and indicating a high likelihood of prices continuing to rally.
In the case of LOOM, the 21-day Exponential Moving Average (EMA) (red) is holding above both the 100-day and 200-day EMAs (blue and purple, respectively).
Traders who have been pummeled by the bear market find solace in Loom Network’s remarkable rally. However, investors should consider recording profits in anticipation of an imminent reversal, particularly if the $0.3 resistance holds firm.
At $0.17, LOOM is above the local support level. Holding above this level could aid in securing the uptrend and attract additional speculators. If the token falls below this support, aggressive sellers will assume control, which could send LOOM to the next key area at $0.11 and, if declines, intensify to $0.07.
LOOM Tops Upbit’s List of Top Gainers
Korean commerce Upbit has ranked the LOOM token as the most significant gainer, which raises concerns given the region’s reputation for frequently pumping and dumping cryptocurrencies.
Upbit N01 bag is not #Btc , #Eth or Stables. It's $Loom lol 😂
▪️They specialize in pumping dead projects.
👉Which token is next on their to-do-list ? 🤔#DYOR 🕵🏼♂️ https://t.co/GdRYlOa8zH pic.twitter.com/VbqZImSIWR
— Marius.capital (@AltbriMarius) October 12, 2023Traders from Korea are notorious for their pump-and-dump strategies. According to the chief executive officer of CryptoQaunt, Ki Young Ju, their actions are understandable due to South Korea’s stringent capital controls, which prohibit “arbitrage opportunities between global exchanges.”
Fun Fact 2.
It happens because South Korea has very strict capital controls, blocking arbitrage opportunities between global exchanges.
Korean gov't is going to make this problem even worse with the travel rule solution, which makes Korean exchanges even more isolated. pic.twitter.com/d36WaQQKkl
— Ki Young Ju (@ki_young_ju) December 22, 2021Speculation is thawing regarding the potential introduction of a LOOMWON trading pair by Upbit. This follows support for the REI token after the hard fork update.
