- The price of the LOOM crypto has declined by 90% from its all-time high price.
- The crypto price has increased by 17% in the last year.
Loom Network is a blockchain platform founded by James Duffy, Matthew Campbell, and Luke Zhang in 2017. It enables developers to build scalable dApps across blockchains like Ethereum and TRON. LOOM facilitates fast transactions and NFT creation and serves as a governance and utility token within its ecosystem.
The trading volume of the LOOM Network crypto has witnessed an advance of 14.9% in the last 24 hours, followed by a decline of 2.9% in the crypto market cap. The crypto market cap ranking is #445, as per CoinMarketCap.
The value of the traded volume for the LOOM Network crypto in the last 24 hours is $9.844 Million, while the volume/market cap ratio of the crypto is 10.88%. The circulating supply of the crypto is 1.224 billion LOOM, while the total supply is 1.3 billion LOOM.
The maximum supply of the crypto is infinite, and the fully diluted market cap is $96.678 Million. The all-time high price recorded for crypto is $0.7745, recorded on May 04, 2018. Since then, the trading price of crypto has declined by 90.41%.
The current market cap dominance of the LOOM Network crypto is 0.00% as per CoinCodex, and the supply inflation of the crypto is very high, resulting in 12.81%. The crypto sentiment is further bearish, and the circulating supply of the crypto is $91.347 Million.
LOOM Crypto Technical Analysis
The derivatives trading volume of the LOOM crypto has witnessed a decline of 3.6% over the last 24 hours, which has resulted in a value of $16.42 Million. Following this, the open interest in crypto declined by 2.9%.
Crypto has consistently witnessed higher long liquidations over the last few weeks. Also, in the previous 24 hours, the recorded long liquidation for the crypto is $10.38K. Furthermore, the recorded short liquidation for the crypto is $2.73K.
LOOM Crypto Technical Analysis
The price of the LOOM crypto slowly advanced to higher levels, followed by the rising wedge pattern. The crypto price further broke down below the rising wedge pattern, witnessing the dominance of sellers in the crypto.
Since the breakdown, the crypto price has slipped by 25%, further forming strong bearish candlesticks on the chart.
LOOM/USD Chart by TradingView.com
LOOM price has declined below the 20,50 and the 200-day EMAs. The EMAs are trading in a death cross, indicating a strong downtrend in crypto trading prices.
The metrics of the MACD indicator are trading in a bearish cross on the daily chart of the LOOM crypto. The MACD and the signal line have also declined below the zero level, followed by bearish solid histograms on the chart.
The RSI on the daily chart has declined below the 50-level and the 14-day SMA and is currently trading at 28.4. This shows that the crypto is following a strong bearish momentum.
Summary
The LOOM crypto is facing a significant downturn, declining by 90% from its all-time high. Despite a 17% increase in the past year, technical analysis shows a bearish trend. The price has broken below key support levels, EMAs indicate a strong downtrend, and indicators like MACD and RSI suggest continued bearish momentum.
Technical Levels:
- Support Levels: $0.0281 and $0.0373
- Resistance Levels: $0.1270 and $0.1535
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
