- Loom Network (LOOM) token surged by approximately 510% over the past month.
- LOOM’s price surge has attracted significant attention within the crypto community.
- The current support level for LOOM is at $0.17.
The cryptocurrency market persists in grappling with significant cryptocurrencies trading negatively. Nonetheless, investors have found comfort in the Loom Network
The token has experienced a significant price surge, escalating by approximately 510 percent over the past 30 days to its value of $0.26. According to CMC data, LOOM has appreciated close to 24% in the preceding 24 hours. Furthermore, it has seen a 54% increase in the past 7 days.
The upward trajectory of the Moving Average Convergence Divergence (MACD) indicator validates the positive outlook. Nonetheless, caution is advised due to the Relative Strength Index (RSI) being significantly overbought at 93.
Exceptional Performance
Market intelligence platform Santiment has compiled data indicating that the recent surge in LOOM’s price has garnered significant attention within the cryptocurrency community. Traders, driven by the fear of missing out (FOMO), have taken note of LOOM’s price hike, particularly as they have experienced substantial losses in most alternative coins.
The present value of LOOM is undergoing a crucial technical examination of a pivotal support and resistance point. This examination could potentially indicate the initiation of a bearish trend or the perpetuation of the existing bullish trend, aiming for a record peak of $0.69.
Amid market fluctuations affecting other cryptocurrencies, LOOM’s exceptional performance serves as a beacon for investors seeking opportunities beyond the usual. Currently, the closest support level is at $0.17. Maintaining prices above this threshold could preserve the upward trend and attract new investors.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
