Loom Network Price Skyrockets 514% In A Month

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Loom Network (LOOM) has continued to surprise many with its unstoppable rally amid an influx of money and interest in the token. Traders keen on short-term scalp opportunities are not leaving any stones unturned or money on the table, as they buy and sell as opportunities arise.

Traders are advised to exercise caution amid fears of a pump-and-dump scheme, especially in the South Korean region.

Meanwhile, investors are finding it difficult not to buy into one of crypto’s biggest presales of 2023, Bitcoin Minetrix. This ecosystem is rising above the meme coin trend that has taken over the bear market, intending to solve some critical issues ailing the industry.

Bitcoin mining is expensive. It requires intense capital investment in equipment and electricity bills. Moreover, third-party mining pools eat into the profits by charging expensive fees, not to mention the many scams.

With Bitcoin Minetrix, BTC mining has been simplified to stake-to-mine. You stake BTCMTX tokens, which you can buy in the ongoing presale and earn mining credits later redeemed for hash power used to mine Bitcoin.

Loom Network Price Explodes 514% In 30 Days

Loom Network is up over 30% in the last 24 hours and 514% in the last 30 days. Long traders are having a field day, and LOOM is responding as expected with no significant pullbacks—not even on the weekly time frame.

At the time of writing, Loom Network is posting highs of $0.27, although the candle wick touched a six-year high of $0.299 earlier in the day (Friday).

The Relative Strength Index (RSI) with its strength at 94, the highest since February 2021, shows no signs of weakness. This suggests that LOOM still has the bullish muscle to keep going north before starting to correct.

LOOMUSD price prediction chart — LOOM/USD weekly chart – trading view

Based on LOOM’s position above all the bull market indicators like the 21-week Exponential Moving Average (EMA), the 100-week EMA, and the 200-week EMA, the bullish grip on Loom Network is strongest since 2021.

Several golden cross-indexes are in line and support the bullish outlook. A golden cross is an index that forms on the chart when a short-term moving average flips above a long-term moving average, assuring market participants that the path with the least resistance is to the upside.

The Moving Average Convergence Divergence (MACD) indicator backs the bullish outlook on the weekly chart. Traders should look for a reversal, with the MACD losing ground from 0.029 toward the neutral 0.000 area. Shorting LOOM on a long-term timeframe like the weekly chart may not be prudent until the MACD line in blue crosses beneath the red signal line.

Short-term support holds at $0.24, previously a rejection level in April 2021. LOOM will probably retreat to this level in search of fresh liquidity before resuming the uptrend for gains beyond $0.3.

However, sliding below the same level may lead to an aggressive sell-off to the local support at $0.17. Investors cannot immediately rule out an extended downtrend to $0.11, considering pump-and-dump fears from South Korea.

Loom Network Tops Upbit’s Top Gainers

The hype surrounding the LOOM token has attracted traders’ attention in South Korea, especially on the Upbit crypto exchange, stirring concerns over a potential pump-and-dump endeavor. Users on X (formerly Twitter) like @AltbriMarius expressed their concerns, saying, “They (Korean Traders) specialize in pumping dead projects.”

Upbit N01 bag is not #Btc , #Eth or Stables. It's $Loom lol 😂
▪️They specialize in pumping dead projects.
👉Which token is next on their to-do-list ? 🤔#DYOR 🕵🏼‍♂️ https://t.co/GdRYlOa8zH pic.twitter.com/VbqZImSIWR

— Marius.capital (@AltbriMarius) October 12, 2023

However, Ki Young, the CEO of blockchain analytics platform CryptoQuant, defended traders in South Korea, saying “It happens because South Korea has rigorous capital controls, blocking arbitrage opportunities between global exchanges.”

Fun Fact 3.

Korean crypto traders love pumping & dumping altcoins, ironically. Got this clip from my Korean friend. pic.twitter.com/63Ewssu5VO

— Ki Young Ju (@ki_young_ju) March 30, 2023

Sentiment, a leading blockchain analytics platform, revealed that LOOM is among the most discussed topics in the crypto industry and continues to gain attention – enough to surpass mentions regarding Caroline Ellison’s testimony that Sam Bankman-Fried manipulated markets to keep Bitcoin below $20,000.

📈 $LOOM has soared above $0.28, reaching its highest market cap level since June, 2018. Its +573% market cap ascension has justifiably been the topic gaining the most attention in #crypto forums. But the admittance from #SBF & #CarolineEllison manipulated $BTC to stay under $20K pic.twitter.com/gQSLBNZRGw

— Santiment (@santimentfeed) October 13, 2023

Amidst the explosive price action, the Loom Network has been forced to clarify the token’s total supply, stating, “It has come to our attention that there’s some confusion about the LOOM token supply across the Ethereum and BSC networks.”

According to the post on X, Loom Network has a total supply of 1.3 billion, with approximately 1 billion actively circulating on the Ethereum blockchain and 130 million on the BNB Smart Chain.

It has come to our attention that there's some confusion about the LOOM token supply across the Ethereum and BSC networks.

The LOOM token has a total supply of 1.3 billion, ~1 billion tokens are in active circulation on Ethereum, ~130 million are in active circulation on BSC.

— Loom Network (@loomnetwork) October 13, 2023

Bitcoin Minetrix – Bringing Innovation to Bitcoin Mining

Bitcoin Minetrix’s tokenized cloud mining allows everyday investors to earn Bitcoin passively by simply staking BTCMTX tokens in a dedicated smart contract.

Simplified Mining Experience! 🛠️#BitcoinMinetrix envisions a solution for quiet and clutter-free mining. 🔇

No clunky setups, disturbances, or overheating – just effortless and seamless $BTC cloud mining!#CryptoCommunity pic.twitter.com/LM6XH5RyNy

— Bitcoinminetrix (@bitcoinminetrix) October 13, 2023

By joining Bitcoin Minetrix, you will not worry about the hefty entry costs, third-party scams, and noise. The token is available for purchase on the official presale website, where $1.24 million has been raised from investors.