Loom Network (LOOM) Sees Remarkable Surge Following Exchange Listing: Price Analysis and Forecast

Loom Network (LOOM) Sees Remarkable Surge Following Exchange Listing: Price Analysis and Forecast

Crypto News – Loom Network’s native token, LOOM, witnessed an exceptional performance this week as its demand surged, propelling the token to reach a peak of $0.1677. This marked the highest price level since September of the previous year. Notably, during this peak, LOOM experienced a remarkable increase of over 350% from its lowest point earlier in the month.

Boost from Exchange Listings Loom Network operates as a blockchain network offering developers the necessary scalability and user-friendliness to develop high-quality decentralized applications (dApps). It boasts significantly higher speeds compared to existing platforms like Ethereum and BNB Chain, along with lower transaction fees for users. Moreover, it seamlessly integrates with major cryptocurrencies such as Bitcoin, Ethereum, BNB Chain, and Tron.

Fueling the surge in LOOM’s value was its recent listing on Gate.io, one of the prominent cryptocurrency exchanges globally. It’s a well-established trend that cryptocurrencies often experience significant jumps in value following listings on major exchanges like Binance and Gate.

This particular listing coincided with a significant week for cryptocurrencies, with Bitcoin reclaiming its position above $27,000. Consequently, a multitude of altcoins, including Compound, Injective, and Tron, joined in on this impressive rally.

The Outlook for Loom Network’s Price

Analyzing the daily chart, the price of LOOM exhibited a strong resurgence throughout the week, reaching its peak at $0.1677. During this surge, the token surpassed a crucial resistance level at $0.077, which was the highest point recorded on July 14th. The Relative Strength Index (RSI) moved above the overbought threshold, coinciding with a golden cross in the price.

A golden cross, signifying the crossover of the 200-day and 50-day moving averages, was observed, affirming this upward trend. However, it’s worth noting that such crossovers are often followed by a price retreat as investors opt to secure their profits. In such a scenario, the next significant level to monitor would be at $0.10.

The sustainability of the price rally for the Loom Network in the immediate future remains uncertain. Experience suggests that rallies triggered by exchange listings tend to be relatively short-lived.