Loom Network price goes parabolic as user growth spikes
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Loom Network’s price went parabolic on Monday as demand for the coin jumped. The token rallied more than 250% from its weekend low. It traded at $0.1463, the highest level since February 2022, and has a market capitalization of over $123 million.
What is the Loom Network and why is it on the rise?
The Loom Network is a relatively small blockchain project that aims to solve some of the challenges that developers face. It is a multi-chain interoperability platform connected to other popular blockchains such as Tron, Ethereum and BNB Smart Chain.
As a result, developers can build applications on the Loom Network and then automatically deploy them to these chains. This gives developers access to a platform that has no gas fees for its users. It’s also remarkably fast, with a confirmation time of less than three seconds.
Loom has been around for over five years. It was launched in 2017 after developers raised over $45.81 million in an initial coin offering (ICO).
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Based on the Ethereum network, LOOM is a token and not a coin. It is the original identifier of the ecosystem used for governance purposes.
It is unclear why the Loom Network price has made a strong increase recently. A possible reason is that the number of new addresses online has increased. The number of new addresses rose to 37, which was the highest level in months. Similarly, the number of wallet addresses has increased to over 42,000, while the number of transactions has increased.
Loom Network Price Forecast
The daily chart shows that LOOM price has been in a strong uptrend for the past few days. On the rise, the coin rose above a key resistance level at $0.074, the highest level since July this year.
LOOM moved above the 25-day and 50-day moving averages, while the mighty oscillator has moved above the neutral point. Volume has also increased strongly recently. Still, the coin is likely to continue its decline as buyers start to take profits. If this happens, the next key support will be $0.074.