The infrastructure protocol Loom Network (LOOM) is making waves due to a phenomenal run in the past few days. LOOM crypto has surged more than 200% in the last two weeks amid and increased investor interest. If bulls keep the momentum, the next target could be the 2021 all-time high of $0.256.
On Friday, Loom Network price soared to $0.197, which was its highest level since April 2021. However, the price action reversed when the sellers came and pushed the price to $0.172. At press time, the coin was still up 1.31% after losing most of its gains for the day.
Loom Network is another Ethereum sidechain that allows customized dapp development leveraging its fast and secure technology.
The protocol aims to solve the scalability issue of Ethereum by providing NFTs and decentralized applications an ideal environment without compromising on security. In this way, it lets the DeFi protocols deliver a smooth user experience to their users.
LOOM is the native asset of the whole ecosystem, which secures the network by validator staking. The sidechain employs a delegated proof of consensus (DPoS) mechanism, which involves validator staking of LOOM crypto. Therefore, Loom Network price is directly tied to the adoption of its infrastructure.
Since the start of 2023, the LOOM coin price has been extremely volatile. The coin retested its $0.037 support multiple times and rebounded strongly due to the demand around that level. The price also respected a downward trendline, which acted as a diagonal resistance. However, it has now broken out of it with massive momentum.
Due to an increase in volume across all exchanges, Loom Netwrok price prediction is looking very bullish. If bulls gain strength above the $0.165 resistance level, as shown on the chart, I expect a retest of the 2021 all-time high of $0.25 in the coming weeks.
This post was last modified on %s = human-readable time difference 09:23