LOOM Soars by 64.72% in Just One Week: What’s Behind this Meteoric Rise?

Bits Logics Team . 13th Oct 2023

• LOOM has experienced a rapid surge, reaching a value of $0.275, marking an impressive increase of 29.66% within a single day.
• Trading activity witnessed a significant uptick, with the trading volume demonstrating a remarkable surge of 177.20%
• LOOM’s candlestick chart reveals a compelling pattern – it is hugging the upper band, indicating sustained upward movement.

In a stunning turn of events, LOOM, the native token of Loom Network, has experienced a rapid surge, reaching a value of $0.275, marking an impressive increase of 29.66% within a single day. This bullish momentum has persisted over the past week, with LOOM witnessing a staggering spike of 64.72% in just seven days. The cryptocurrency’s market cap now stands at a substantial $335,390,342, reflecting its newfound strength in the market.

Trading activity surrounding LOOM has also witnessed a significant uptick, with the trading volume soaring to $670,378,020, demonstrating a remarkable surge of 177.20%. This surge in trading volume serves as a clear indication of the high demand and increased investor interest in LOOM.

Technical indicators further underscore the bullish trend. LOOM has successfully broken through previous resistance levels, showcasing its resilience and investor confidence. The Relative Strength Index (RSI) stands at 87.54, firmly placing LOOM in the overbought region. This surge, combined with a bullish cross with the Simple Moving Average (SMA), emphasizes the cryptocurrency’s strong bullish momentum.

Visually, LOOM’s candlestick chart reveals a compelling pattern – it is hugging the upper band, indicating sustained upward movement. This pattern often suggests a continuation of the bullish trend, reinforcing the cryptocurrency’s potential for further gains in the near future.

As LOOM continues to break barriers and exhibit remarkable strength in the market, investors and traders are closely observing this cryptocurrency. However, it’s essential to exercise caution and conduct thorough analyses before making any investment decisions, given the inherent volatility of the cryptocurrency market.

Disclaimer: The information and analysis are intended for informational purposes only. All views and opinions expressed should not be considered as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research before making any investment decisions. Any actions taken based on the information presented by BitsLogic are at the reader’s own risk. The author or any affiliated parties shall not be held liable for any direct or indirect damages or losses resulting from such actions.