LOOM price has jumped more than 23% in the past 24 hours to see the cryptocurrency break into the top 100 by market cap. Today’s gains come as Loom Network continued to witness significant buy pressure as seen in the past month. Per data on CoinGecko, Loom Network’s price has increased by more than 500% in the past 30 days.
LOOM price hits $0.28 as social discussion skyrocketsIn September, Loom Network price surged more than 240% as LOOM listed on crypto exchange Gate.io. While crypto has somewhat stalled over the past two weeks, this altcoin defied the outlook to go parabolic. The token’s price even tested new highs of $0.28 reached on Friday morning.
While it traded around $0.26 at the time of writing, social metrics indicate that LOOM leads crypto trends today. Attention on the altcoin dwarfs social discussion on Sam Bankman-Fried, or SBF, and Bitcoin.
📈 $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, 2023But why is LOOM token rallying and can bulls hold onto the gains?
Why is LOOM price up today?Loom Network’s bullish action in the past few weeks does not appear to have a key fundamental driver behind it. However, analysts are pointing to whale activity on Korea-based crypto exchange Upbit – where buying pressure has come via the LOOM/KRW trading pair. Per on-chain data, the pair accounts for over $374 million of the 24-hour volume, with the altcoin’s total trading volume having jumped more than 209% in the past 24 hours to above $677 million.
Loom Network price chart by TradingViewSome analysts are however looking at a possible sharp reversal as there’s no specific reason for the massive price spike. No particular headline news either means LOOM at a strong resistance zone amid overbought conditions is a recipe for a possible dump. As the daily chart above shows, the Relative Strength Index (RSI) has once again extended into the extreme overbought territory.
Crypto analyst BitcoinHabebe also notes that with a single Upbit wallet holding 653 million LOOM and approximately 50% of the total supply, a dump could be big.
The fate of Everyone holding $LOOM depends on when this guy who holds 50% of Supply starts selling. https://t.co/avURAOFGHQ
— BitcoinHabebe (@Bitcoinhabebe) October 13, 2023Fresh selling amid huge profit taking deals could open LOOM price up for bearish flip to support at $0.16 or lower. On the other hand, if bulls return with a bit of force, the price may tag the $0.30 area. Sentiment across the market improving in coming weeks might spell further upside if buyers will have managed flipping resistance to support.
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