In a meteoric surge, Loom Network (LOOM) has catapulted over 23% within the last 24 hours, propelling this cryptocurrency into the esteemed echelons of the top 100 by market capitalization. The rally marks a spectacular continuation of the remarkable buy pressure that has characterized the Network’s performance over the past month, boasting an awe-inspiring surge of over 500% in the last 30 days.
September witnessed a formidable surge of over 240% in Loom Network’s price, coinciding with its listing on the Gate.io crypto exchange. Despite a crypto landscape that has exhibited a degree of stagnation in recent weeks, this altcoin has boldly defied market expectations, embarking on an exhilarating parabolic trajectory.
According to on-chain data provider Santiment, LOOM achieved record highs, reaching $0.28 on Friday. The crypto community is abuzz with enthusiastic discussions, as the network has claimed the spotlight, surpassing notable figures such as Sam Bankman-Fried (SBF) and the enduring Bitcoin. This surge underscores LOOM’s growing importance in the crypto realm.
LOOM’s Potential Reversal Or Bullish Rally
The recent meteoric rise of Loom Network lacks a clear catalyst. Yet, analysts are eyeing heightened whale activity on Upbit, particularly in the LOOM/KRW pair, which has become a hotspot for buying. On-chain data shows a staggering $374 million 24-hour volume in this pair, propelling the network’s total trading volume to a remarkable $677 million, up over 209% in the last day.
As of writing, LOOM is currently trading at $0.2715, with a 24-hour trading volume of approximately $255,265,591. This reflects a 1.56% increase in price over the last 24 hours, following an impressive 77.58% surge in value over the past week.
Amid this exhilarating ascent, some analysts remain cautious, sounding the alarm for a potential sharp reversal. The absence of a definitive catalyst combined with an extreme overbought status, particularly underscored by the Relative Strength Index (RSI), portends a scenario ripe for a potential downturn.
A prominent crypto analyst, BitcoinHabebe, sounds cautionary, revealing that a single Upbit wallet currently cradles a staggering 653 million, roughly half of the supply. Should a sell-off be triggered, the magnitude could be seismic.
In anticipation of potential sell-offs and significant profit-taking moves, LOOM may face susceptibility to a bearish shift toward support levels at $0.16 or lower. Conversely, if the bulls resurgence, we may observe an upward surge towards the $0.30 range. Positive market sentiment in the coming weeks could enhance prospects, contingent on buyers effectively turning resistance into support.
