$LOOM Dominates The Crypto Market With Massive Over 500% Price Increase, But A Bearish Trend Is At The Corner

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$LOOM Dominates The Crypto Market With Massive Over 500% Price Increase, But A Bearish Trend Is At The Corner

The current berish pressure in the cryptocurrency market seems not to be reaching $LOOM, with its massive price increase. Bitcoin (BTC), the top cryptocurrency, has fallen below a critical support level of $27.2k, dragging the rest of the market with it. However, $LOOM has brought some joy for the many traders after its price spike.

Notably, LOOM has gained over 520% in the past 30 days, while Bitcoin and Ethereum dropped further. 

Definition: Loom Network is a Layer-2 scaling solution for Ethereum, allowing developers to build scalable and secure decentralized applications on Ethereum.

$LOOM Price Analysis

  • Previous close : $0.27006
  • Open: $0.27019
  • Day’s range: $0.24666 – $0.29486

$Loom price currently has a 24-hour trading volume of $649,883,716 and it’s currently up over 27.88% in the last 24 hours. The current CoinMarketCap ranking is #91, with a live market cap of $330,226,113.

LOOM is currently trading at $0.270805. This is above its 50-day moving average of $0.205499, and it is also above its 200-day moving average of $0.188058. Notably, this suggests that LOOM is in a bullish trend.

However, LOOM’s relative strength index (RSI) is currently at 87.09902, with an Action mark “Sell”. This is above the neutral level of 50, which suggests that LOOM is currently overbought. Intending traders who are looking at opportunities to FOMO should pay attention.

According to data from coinmarketcap, it’s clearly showing that whales own a huge percentage of $LOOM’s holdings. 

  • Whales : 95.14%
  • Others : 4.86%

This is definitely not a good situation for the token as it defeats the idea of not centralizing almost all the holdings to whales, who can manipulate the price overtime for selfish reasons.

$LOOM Price Holds Steady Amid Continuous Massive Whale Accumulation

Source: Lookonchain

Whales are market makers and that’s simply showing as we see $LOOM price skyrocket by additional ~30% today. Notably, a wallet with suspect relations to Upbit is accumulating 21.42M $LOOM ($5.83M) today. This brings the wallet’s total hold to 653M $LOOM ($181M), which is 50% of the total supply, according to data from Lookonchain. 

Social Analysis 

Furthermore, according to data from market intelligence platform Santiment, it shows “LOOM” is currently the trending topic among crypto traders and communities. This is due to the dramatic price increase, despite bitcoin losing some grounds. 

Notably, $LOOM has been in a bearish zone since Nov 2021, of course, alongside with the rest of the market. However, LOOM is currently dominating the entire cryptocurrency market, with some remarkable price movements.

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