Loom Network (LOOM) Continues to Surge Amidst Growing Interest
Loom Network (LOOM) has been experiencing a remarkable rally, attracting the attention of traders and investors alike. Traders are seizing short-term opportunities to buy and sell the token, while investors are eagerly participating in one of crypto’s biggest presales, Bitcoin Minetrix. Unlike traditional Bitcoin mining, which requires significant capital investment and is plagued by high fees and scams, Bitcoin Minetrix simplifies the process by allowing users to stake BTCMTX tokens and earn mining credits. The price of LOOM has skyrocketed by 514% in the past 30 days, with no significant pullbacks. The bullish indicators suggest that LOOM still has room to grow.
Price Analysis: LOOM’s Bullish Momentum
Loom Network has been on an upward trajectory, with its price surging over 30% in the last 24 hours and 514% in the last month. The Relative Strength Index (RSI) is at its highest level since February 2021, indicating strong bullish momentum. The Moving Average Convergence Divergence (MACD) indicator also supports the bullish outlook. While short-term support holds at $0.24, a retreat to this level may occur before resuming the uptrend towards $0.3. However, a slide below $0.24 could lead to a sell-off to the local support at $0.17 or even further down to $0.11.
Concerns Over Potential Pump-and-Dump Scheme
The hype surrounding LOOM has raised concerns about a potential pump-and-dump scheme in South Korea, particularly on the Upbit exchange. Some users have expressed their worries about traders specializing in pumping dead projects. However, Ki Young, CEO of CryptoQuant, defended South Korean traders, explaining that strict capital controls in the country limit arbitrage opportunities. Despite these concerns, sentiment analysis shows that LOOM is one of the most discussed topics in the crypto industry.
Clarification on LOOM Token Supply
Loom Network has clarified the total supply of its LOOM token, stating that there is confusion across the Ethereum and BSC networks. The token has a total supply of 1.3 billion, with approximately 1 billion actively circulating on Ethereum and 130 million on the BNB Smart Chain.
Bitcoin Minetrix: Innovating Bitcoin Mining
Bitcoin Minetrix offers a tokenized cloud mining solution that allows everyday investors to passively earn Bitcoin by staking BTCMTX tokens. This eliminates the need for expensive equipment, third-party scams, and noise associated with traditional mining. The token is available for purchase on the presale platform, where it has already raised $1.24 million from investors.
Hot Take: Loom Network’s Unstoppable Rally Attracts Traders and Investors
Loom Network’s impressive rally continues to captivate traders and investors who are eager to seize short-term opportunities and participate in one of crypto’s biggest presales, Bitcoin Minetrix. The token’s price has surged by 514% in the past month, with no significant pullbacks in sight. Despite concerns about a potential pump-and-dump scheme in South Korea, sentiment analysis shows that LOOM remains one of the most discussed topics in the industry. With its innovative approach to Bitcoin mining, Bitcoin Minetrix aims to simplify the process and make it more accessible to everyday investors. Overall, Loom Network’s bullish momentum and promising projects make it an attractive option for those interested in cryptocurrencies.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies.Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.
