News - Loom Network: Interest in Asia causes price explosion

By Luc Vesters

Loom Network: Interest in Asia causes price explosion

Loom Network: Interest in Asia causes price explosion

The price of the altcoin Loom Network (LOOM) has had only one direction for weeks, with a remarkable 400 percent increase since mid-September. In the last 24 hours, the LOOM price rose again by double digits. The huge increase in price caused Loom Network to rise to the top 100 altcoins.

The crypto project, listed since July 2018, aims to build a blockchain ecosystem to support next-generation DeFi protocols, NFTs and powerful multichain applications (dApps).

Loom Network has been benefiting from sustained high trading volume on Korean crypto exchanges and for weeks. Volume on Upbit is currently consistently higher than that of the world's largest exchange Binance. This places the altcoin in a line of smaller altcoins such as CyberConnect (CYBER) and Hifi Finance (HIFI), which have also been massively inflated in value by Korean traders.

At US$0.212, Loom Network is trading higher than it has ever done since May 2021. The range between US$0.215 and US$0.235 acts as the next strong resistance zone. The opportunity for profit-taking seems very high.

Only if the LOOM price permanently stabilizes above this resistance zone will further upside potential towards $0.292 open up. If the buy side also manages to overcome this medium-term resistance zone, then the maximum price target, derived from the 2021 high at $0.349 US, comes into investors' sights.

If the LOOM price bounces off the current resistance zone and dynamically moves downward, the price should quickly correct back toward US$0.170. If the price does not stabilize in this zone, a correction to the support zone around 0.138 US dollars can be expected. If Tezos then fails to gain a foothold here as well, a decline towards the breakout level at 0.112 US dollars should not come as a surprise.

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