LOOM's Rally Continues with Strong Buy Signals Amid Social Buzz
LOOM’s remarkable 725% price surge in the past month is accompanied by concerns of price manipulation, highlighting the importance of caution and due diligence.
Triggering Signals
LOOM, the principal token of the Loom Network, is making headlines with its extraordinary market performance, registering a colossal 725% uptick in the last 30 days and a 123% climb over the preceding week. Current trends in price and daily active addresses (DAA) divergence point to an 840% “buy” signal, as reported by market intelligence authority Santiment.
This uptrend is not just a flash in the pan. The indicator, known for its reliability, signals a buying rush when both the asset’s price and the count of active addresses swell concurrently. Interestingly, this suggests a stabilization in volatility, as LOOM’s market cap seems widely held by an extensive array of investors as opposed to a concentration within whale territories.
However, the whale activity hasn’t exactly been dormant. Transactions over $100,000 have leapt by 15% in a mere 24-hour window, tallying 94 significant trades. Concurrently, LOOM’s price trajectory is on a northward climb, marking a remarkable 7.6% increase within the same period, stabilizing at $0.385 — a record not seen in five years. The token’s market cap stands at an impressive $470 million, propelled by a trading volume that almost hits the billion mark at $989 million.
Manipulation With Numbers?
Despite this bullish arena, not all feedback has been positive. Crypto analyst Cilinix speculated on YouTube about potential price manipulation by substantial market influencers, forecasting a drastic plunge to around $0.10 if prices near a $0.225 close.
Curiously, amidst these manipulation suspicions, LOOM’s social volume has exploded, witnessing a near 50% surge in just 24 hours. This fervor occurs even in the absence of any groundbreaking announcements from Loom Network, maintaining the bullish sentiment enveloping the asset.
LOOM shows ‘buy’ signal as social volume skyrockets https://t.co/yyTfF3gdNW
— 🛡️Moonboy🤑⚡️(💙,🧡)🛸(✨🔴_🔴✨) (@mc_verhelst) October 16, 2023
Conclusion
LOOM’s current market vivacity is undoubtedly newsworthy, reflecting the dynamic nature of crypto investments. However, it also serves as a reminder for investors to exercise caution and diligence. The allegations of price manipulation and the lack of fresh, substantial developments from the Loom Network itself should prompt investors to analyze this surge critically.
While the “buy” signals and social volume surge are encouraging, they also necessitate a balanced view considering the market’s notorious volatility. Investors should keep an eye on intrinsic value and sustainable growth signals, rather than solely riding the wave of social hype and potentially inflated market movements.
I’m a Cryptocurrency Author and I have been writing about Cryptocurrencies for over 2 years now. I have written many articles on the subject and have been interviewed by some of the biggest names in the industry. My work has been featured on major publications such as Forbes, CoinDesk, and more. I am passionate about Cryptocurrencies and believe that they have the potential to change the world. I am always looking to learn more about this fascinating industry and share my knowledge with others.
