The Loom Network Price Has Reached a 6-Year High, Is it a Good Buy Now?
The crypto market doldrums headed by Bitcoin and Ethereum have not stopped the Loom Network’s surge, which has now reached 2018 levels.
The Loom Network has outperformed the rest of the cryptocurrency market and is now trading at 2018 levels. The currency, which was developed on the Ethereum blockchain to facilitate massively distributed applications, has seen a 28% spike in value over the past 24 hours, 43% in the past week, 109% over the past two weeks, and 527% over the past 30 days.
According to data compiled by CoinMarketCap, LOOM has had a 208% increase in trading volume, reaching $643 million. The market valuation of Loom Network has also been on the rise, increasing by 27% to $332 million. Among all cryptocurrencies, stablecoins included, the token is ranked #89.
Loom Network Price Prediction: Rally Shows No Indications Of Slowing Down
With the token’s continued ascent on the MEXC market, scalpers have a golden opportunity to make a killing trading LOOM. Since the most prominent cryptocurrencies tend to move in tandem, the short-term spikes present an opportunity for new entrants to buy and sell the digital asset over shorter time periods in pursuit of modest but considerable returns.
Because the MACD indicator is trending upward, we may be confident in the positive prognosis. As long as the MACD is over 0.02, it may be prudent for traders to continue speculating with long positions. The Relative Strength Index (RSI) is overbought at 93, so proceed with caution.
The upswing is supported by a number of golden cross patterns. When the short-term moving average crosses over the long-term one, this is known as a “golden cross,” signalling a strengthening of the bullish grip and an increased likelihood of prices continuing their climb. The LOOM 21-day EMA (in red) is staying well above the 100-day EMA (in blue) and the 200-day EMA (in purple).
The spectacular recovery in Loom Network shares has been a welcome sight for bear market-weary investors. If the $0.3 resistance level holds, however, investors may want to lock in their gains and avoid the inevitable fall.
At $0.17, LOOM is over minimum viable support in its immediate environment. If prices are able to maintain above this level, the upswing may be more solidified, and more investors may decide to get on board. If the token drops below this support, aggressive sellers will take control, perhaps sending LOOM to the next critical level at $0.11 and, if declines accelerate, to $0.07.
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LOOM Tops the List of Upbit’s Top Gainers
Concerns have been raised about the motives behind the decision by Korean exchange Upbit to list the LOOM token as the top gainer.
Pump-and-dump techniques are common among Korean merchants. Their actions are comprehensible’, says CryptoQaunt CEO Ki Young Ju, given that South Korea has enforced stringent financial controls that forbid any “arbitrage opportunities between global exchanges.”
Meanwhile, talk of Upbit adding LOOMWON as a trading pair is beginning to warm up. In light of recent REI token hardfork upgrade support, this occurs.
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Look More:How to Deposit Crypto on BTCC?
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Why Trade Crypto Futures on BTCC
To trade Crypto futures, you can choose BTCC crypto exchange.BTCC, a cryptocurrency exchange , was founded in June 2011 with the goal of making crypto trading reliable and accessible to everyone. Over 11 years of providing crypto futures trading services. 0 security incidents. Market-leading liquidity.
Traders may opt to trade on BTCC for a variety of reasons:
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BTCC FAQs
1.Is BTCC safe?
Since its inception in 2011, BTCC has made it a priority to create a secure space for all of its visitors. Measures consist of things like a robust verification process, two-factor authentication, etc. It is considered one of the most secure markets to buy and sell cryptocurrencies and other digital assets.
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