Loom Network, which saw a significant surge a few weeks ago, has continued to perform exceptionally well. It has recorded a 100% increase in the past week and nearly 1000% from its September lows. Despite the strong bullish trend, there are growing concerns about a potential downward correction, suggesting that the bull run might be coming to an end.
Loom Network (LOOM) has unexpectedly become the top gainer, drawing substantial interest from investors. The trading volume has skyrocketed from approximately $200 million to over a billion, indicating a significant influx of buyers. This surge in demand has been a major factor driving its explosive growth.
However, after this rapid growth, there is now a possibility of a price pullback. The LOOM price seems to have formed a bearish pattern, which, combined with signs of a tired bull market, suggests a potential reversal in the near future.
Recently, Loom Network announced a significant partnership with Atlassian, a global leader in team collaboration software. This news had a substantial impact on the market. The partnership involves Atlassian acquiring LOOM for a remarkable $975 million, sparking optimism among investors about the token’s future.
This development led to a remarkable surge of over 1000% in the past month, elevating the market cap from under $50 million to over a billion. Given this substantial growth, investors may be wondering if it’s a good time to buy LOOM.
“Loom Network (LOOM) Shows Strong Bullish Trend, Targeting $1 by End of 2023”
The price of LOOM has been on a powerful upward trend, with the supertrend indicator favoring a bullish outlook for the long term. There is a noticeable lower support level, making a significant price retracement less likely, barring any major bearish events. Although minor pullbacks are possible, the substantial increase in market capitalization has strengthened the token, keeping the bulls in control.
However, recent rejections at the $0.5 level suggest some bearish activity, as profit-taking becomes more prominent. The current market sentiment appears to favor further price gains for LOOM, with the potential to reach $1 before the end of 2023. A significant weakening of the bullish trend would be required to shift this outlook.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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