The price of #LoomNetwork has surged 32% in the past day, approaching the weekly resistance level of $0.294.
The high-leverage traders are likely to give in on a move over the $0.3 to $0.32 range.
The $LOOM #cryptocurrency cryptocurrency on the Upbit market in South Korea is extremely overbought.
The Loom Network token (LOOM) is trending upwards and is a potentially profitable investment for traders employing the scalping strategy of rapidly purchasing and selling an asset for a profit. Traders who rely on LOOM's price fluctuations for making fast entry and exit trades should exercise increased vigilance because of the indicators of possible manipulation.
Increase in Loom Network's Cost
Over the past 24 hours, the price of Loom Network token (LOOM) on the binance market has increased by over 30%, and over the past 4 days, it has increased by over 50%. Even on the weekly timeframe, LOOM has not yet pulled back, recording new highs to the current level, where it tests the weekly resistance at $0.269. Longs are having a field day.
With an RSI of 93, LOOM token is extremely overbought; nevertheless, the upward momentum indicator suggests it may be too soon to sell. If buying pressure keeps building, the Loom Network price may break over the $0.30 and $0.320 resistance levels and test the $0.300 psychological barrier, where high-leverage traders are expected to fold.
The current price of Loom Network is resting on a level of local support at $0.168. This level was once a barrier but has since been converted to support. If the token is unable to push through the weekly barrier, it may drop to test the next support level at $0.096.

Post By: CryptosHeadlines.com

Loom Network, which saw a significant surge a few weeks ago, has continued to perform exceptionally well. It has recorded a 100% increase in the past week and nearly 1000% from its September lows. Despite the strong bullish trend, there are growing concerns about a potential downward correction, suggesting that the bull run might be coming to an end.Loom Network (LOOM) has unexpectedly become the top gainer, drawing substantial interest from investors. The trading volume has skyrocketed from approximately $200 million to over a billion, indicating a significant influx of buyers. This surge in demand has been a major factor driving its explosive growth.
However, after this rapid growth, there is now a possibility of a price pullback. The LOOM price seems to have formed a bearish pattern, which, combined with signs of a tired bull market, suggests a potential reversal in the near future.
Recently, Loom Network announced a significant partnership with Atlassian, a global leader in team collaboration software. This news had a substantial impact on the market. The partnership involves Atlassian acquiring LOOM for a remarkable $975 million, sparking optimism among investors about the token’s future.
This development led to a remarkable surge of over 1000% in the past month, elevating the market cap from under $50 million to over a billion. Given this substantial growth, investors may be wondering if it’s a good time to buy LOOM.

“Loom Network (LOOM) Shows Strong Bullish Trend, Targeting $1 by End of 2023”
The price of LOOM has been on a powerful upward trend, with the supertrend indicator favoring a bullish outlook for the long term. There is a noticeable lower support level, making a significant price retracement less likely, barring any major bearish events. Although minor pullbacks are possible, the substantial increase in market capitalization has strengthened the token, keeping the bulls in control.
However, recent rejections at the $0.5 level suggest some bearish activity, as profit-taking becomes more prominent. The current market sentiment appears to favor further price gains for LOOM, with the potential to reach $1 before the end of 2023. A significant weakening of the bullish trend would be required to shift this outlook.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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