Why Loom Network (LOOM) Price is Up by 250%-Will It Hit $1 in October 2023?
The post Why Loom Network (LOOM) Price is Up by 250%-Will It Hit $1 in October 2023? appeared first on Coinpedia Fintech News
Loom Network (LOOM) emerges from behind the curtains as the top gainer, attracting immense attention from investors. The trading volume has shot up from around $200 million to over a billion, indicating a heavy influx of buying pressure, which is one of the main reasons behind the explosive growth. After the growth, the possibility of a recoil surfaces as the LOOM price appears to have formed a bearish pattern accompanied by the bull’s exhaustion.
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A few days ago, the network announced its partnership with Atlassian, a global leader in team collaboration software, which sent ripples across the market. The deal includes the company acquiring LOOM for a whopping $975 million, which made the investors more optimistic about the future of the token. This propelled the price by more than 1000% in the past 30 days, pushing the market cap over a billion from levels below $50 million.
After such massive growth, is this a good time to buy LOOM?
It’s worth noting that the LOOM price has entered a massive bull run phase that doesn’t seem to cool down. The long-term perspective continues to remain under bullish influence as the supertrend remains bullish. Besides, the lower support is pretty distinct, and hence lower chances of retrieval to these levels are observed. However, only a huge bearish event may knock off the prices to such lower levels; otherwise, intermediate pullbacks may make their way out.
Technically, a huge rise in market capitalization has strengthened the token to a large extent, due to which the bulls are expected to remain in action for some more time. However, the rejection from the highs at $0.5 indicates the bear has turned into active mode and is more interested in extracting the profits at these levels. Now that the LOOM price is trading quite near these levels, another couple of rejections at these levels could be possible, which could test bullish strength.
If the bulls exhibit their weakness here, then the rejection may turn into a correction phase ahead. Considering the current market sentiments, this appears more unlikely as the Loom Network (LOOM) prices seem to be poised to reach $1 before the end of 2023.
Filed under: Bitcoin - @ October 16, 2023 5:50 am