The Loom Network (LOOM) token rose 30% in 24 hours. The cryptocurrency market, particularly Bitcoin (BTC), has been declining, with BTC going below a key support level of $27.2k. Due to its strong performance, traders and investors have shown interest in LOOM despite market issues.
LOOM’s 529% Surge in 30 Days Makes it a Top-Performing Cryptocurrency
LOOM’s significant price hike is notable given its success last month. LOOM has risen 529% in 30 days, making it one of the top cryptocurrency performers. During the last 24 hours, the token’s market value rose to 28 cents. Bitcoin and Ethereum (ETH) fell 2% during the same period.
LOOM is a hot topic on crypto forums due to its price increase. Due to massive cryptocurrency losses, many traders are seeking alternative investments. Traders with FOMO seek to capitalize on LOOM’s price increase. The LOOM coin is now undergoing a technical support and resistance test. This analysis might determine if the token reverses or continues its rise to its historical high of 77 cents.
LOOM’s strong performance offers traders a tempting alternative to other digital currencies’ instability. The recent judicial actions against Sam Bankman-Fried (SBF), the former CEO of FTX, add intrigue to the cryptocurrency business and raise questions about market manipulation and its effects.
LOOM Token’s Meteoric Rise Sparks Caution Among Traders
The LOOM platform has shown promise as a profitable investment for scalpers, who buy and sell assets quickly to gain small profits. However, traders should be cautious due to signs of manipulation. LOOM’s price has risen more than 30% in the past 24 hours and over 50% in the past four days on the MEXC market. RSI shows LOOM is overbought, yet momentum is north. This implies that there is potential for more improvements.
LOOM’s price remains market-sensitive despite its success. The coin is presently at $0.168, a local support level that was once a strong resistance level. If it fails to break the weekly barrier, the token may fall below its present level or considerably lower. This decrease might test $0.096 support.
The Loom Network (LOOM) token’s substantial rise has given the cryptocurrency industry hope. Traders want to gain on the market’s momentum, but they must be cautious due to its manipulation potential.
