![]() Its +573% market cap ascension has justifiably been the topic gaining the most attention in #crypto forums. □ $LOOM has soared above $0.28, reaching its highest market cap level since June, 2018. Sentiment, a leading blockchain analytics platform, revealed that LOOM is among the most discussed topics in the crypto industry and continues to gain attention – enough to surpass mentions regarding Caroline Ellison’s testimony that Sam Bankman-Fried manipulated markets to keep Bitcoin below $20,000. Korean crypto traders love pumping & dumping altcoins, ironically. However, Ki Young, the CEO of blockchain analytics platform CryptoQuant, defended traders in South Korea, saying “It happens because South Korea has rigorous capital controls, blocking arbitrage opportunities between global exchanges.” □Which token is next on their to-do-list ? □ #DYOR □□♂️ /VbqZImSIWR ▪️They specialize in pumping dead projects. Upbit N01 bag is not #Btc, #Eth or Stables. Users on X (formerly Twitter) like expressed their concerns, saying, “They (Korean Traders) specialize in pumping dead projects.” The hype surrounding the LOOM token has attracted traders’ attention in South Korea, especially on the Upbit crypto exchange, stirring concerns over a potential pump-and-dump endeavor. Investors cannot immediately rule out an extended downtrend to $0.11, considering pump-and-dump fears from South Korea. However, sliding below the same level may lead to an aggressive sell-off to the local support at $0.17. LOOM will probably retreat to this level in search of fresh liquidity before resuming the uptrend for gains beyond $0.3. Short-term support holds at $0.24, previously a rejection level in April 2021. Shorting LOOM on a long-term timeframe like the weekly chart may not be prudent until the MACD line in blue crosses beneath the red signal line. Traders should look for a reversal, with the MACD losing ground from 0.029 toward the neutral 0.000 area. The Moving Average Convergence Divergence (MACD) indicator backs the bullish outlook on the weekly chart. A golden cross is an index that forms on the chart when a short-term moving average flips above a long-term moving average, assuring market participants that the path with the least resistance is to the upside. Several golden cross-indexes are in line and support the bullish outlook. LOOM/USD weekly chart – trading viewīased on LOOM’s position above all the bull market indicators like the 21-week Exponential Moving Average (EMA), the 100-week EMA, and the 200-week EMA, the bullish grip on Loom Network is strongest since 2021. This suggests that LOOM still has the bullish muscle to keep going north before starting to correct. The Relative Strength Index (RSI) with its strength at 94, the highest since February 2021, shows no signs of weakness. Long traders are having a field day, and LOOM is responding as expected with no significant pullbacks-not even on the weekly time frame.Īt the time of writing, Loom Network is posting highs of $0.27, although the candle wick touched a six-year high of $0.299 earlier in the day (Friday). Loom Network is up over 30% in the last 24 hours and 514% in the last 30 days. Loom Network Price Explodes 514% In 30 Days You stake BTCMTX tokens, which you can buy in the ongoing presale and earn mining credits later redeemed for hash power used to mine Bitcoin. With Bitcoin Minetrix, BTC mining has been simplified to stake-to-mine. Moreover, third-party mining pools eat into the profits by charging expensive fees, not to mention the many scams. It requires intense capital investment in equipment and electricity bills. ![]() This ecosystem is rising above the meme coin trend that has taken over the bear market, intending to solve some critical issues ailing the industry.īitcoin mining is expensive. ![]() Meanwhile, investors are finding it difficult not to buy into one of crypto’s biggest presales of 2023, Bitcoin Minetrix. Traders are advised to exercise caution amid fears of a pump-and-dump scheme, especially in the South Korean region. Traders keen on short-term scalp opportunities are not leaving any stones unturned or money on the table, as they buy and sell as opportunities arise. Loom Network (LOOM) has continued to surprise many with its unstoppable rally amid an influx of money and interest in the token. Join Our Telegram channel to stay up to date on breaking news coverage
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