Loom Network Surges in Crypto Market
The Loom Network token has experienced significant growth, outperforming the rest of the crypto market. Built on the Ethereum blockchain, it supports large-scale decentralized applications. In the past 24 hours, the token has increased by 28%, with total gains of 43% in one week, 109% in two weeks, and 527% in 30 days. This surge has attracted traders, resulting in a trading volume of $643 million, a 208% increase.
The market cap of Loom Network has also grown by 27% to reach $332 million. It currently ranks #89 among other cryptocurrencies.
Traders Benefit from Scalping Opportunities
Traders are finding excellent scalp opportunities in LOOM on exchanges like MEXC. The short-term bursts in price allow for new entries to buy and sell the digital asset for small but meaningful profits. The Moving Average Convergence Divergence (MACD) indicator confirms the bullish outlook, suggesting that traders may continue speculating with long positions as long as the MACD stays above 0.02. However, caution is advised as the Relative Strength Index (RSI) is at 93, indicating overbought conditions.
Golden Cross Patterns Support Uptrend
Multiple golden cross patterns reinforce the uptrend of Loom Network. A golden cross occurs when a short-term moving average moves above a long-term moving average, indicating a strong bullish trend. In LOOM’s case, the 21-day Exponential Moving Average (EMA) is holding above both the 100-day EMA and the 200-day EMA.
Consider Booking Profits Amidst Imminent Correction
While Loom Network’s rally is a relief to traders, investors should consider booking profits to secure their gains in anticipation of a correction. If resistance at $0.3 fails to break, the token may experience a decline. It currently sits on local support at $0.17, which, if held, could help maintain the uptrend and attract more traders. However, if it falls below this support level, aggressive selling may push the token further down to key areas at $0.11 and $0.07.
LOOM Tops Upbit’s Gainers List
Korean exchange Upbit has ranked LOOM as the biggest gainer. However, this has raised questions due to the reputation of Korean traders for engaging in pump-and-dump schemes. Strict capital controls in South Korea have limited arbitrage opportunities between global exchanges, leading to such activities.
Speculations are also circulating about Upbit potentially launching a LOOMWON trading pair following the support for the REI token after a hardfork update.
Hot Take: Loom Network Continues to Soar
Loom Network’s impressive rally is a positive development for traders and investors who have endured a bear market. The token’s performance on various exchanges and its upward trajectory indicate strong market demand. However, caution is advised as the possibility of an imminent correction looms. Traders should closely monitor key support levels and consider securing profits along the way. Overall, Loom Network’s surge showcases its potential for growth and highlights the volatility and opportunities present in the crypto market.
Disclaimer: This article presents the personal opinion of the author and is subject to market conditions. Conduct thorough research before making any investment decisions in cryptocurrencies.
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