Due to the Relative Strength Index (RSI) being so overbought at 93, caution is warranted.
LOOM has gained nearly 24% in the last 24 hours as per data from CMC.
The crypto market continues to struggle with major cryptocurrencies trading in red. However, investors have sought solace in the Loom Network (LOOM).
The token has had a tremendous price increase, rising by almost 510 percent in the previous 30 days to its current value of $0.26. LOOM has gained nearly 24% in the last 24 hours as per data from CMC. Moreover, it has surged 54% in the last 7 days.
Source: CoinMarketCap
The optimistic prognosis is confirmed by the rising trend of the Moving Average Convergence Divergence (MACD) indicator. However, due to the Relative Strength Index (RSI) being so overbought at 93, caution is warranted.
Stellar Performance
According to data compiled by market intelligence platform Santiment, the recent price increase of LOOM has captured the attention of the cryptocurrency community at large. Crypto FOMO (Fear of Missing Out) traders have noticed the recent price increase in LOOM, especially because they have suffered significant losses in most altcoins.
The current price of LOOM is a significant technical test of a key support and resistance level. This test might signal the start of a downward trend or a continuation of the current rising trend towards the all-time high at $0.69.
When other cryptocurrencies are experiencing market volatility, LOOM’s stellar performance stands out as a ray of light for investors looking for chances outside of the norm. At present the nearest support level stands at $0.17. Sustaining prices above this level might ensure the rise remains intact and entice new buyers.