Blockchain

Loom Network Price Prediction: LOOM Set to Rise 50% Amid Expanding Layer 2 Solutions?

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Loom Network (LOOM) price is trading with a bullish bias on the four-hour timeframe. It comes after a longstanding consolidation under the $0.05 psychological level. The token now stands around 330% above the breakout point, with prospects of 50% more gains amid expanding Layer-2 (L2) solutions. Notably, the token features among today’s top gainers, with more than 10% in gains on CoinMarketCap.

Source: CoinMarketcap

Loom Network Price Surges on Growing L2 Solutions

Loom Network is an L2 scaling solution platform for games and other social applications to deploy on its blockchain podium. It leverages Ethereum’s Proof-of-Stake (PoS) algorithm to support developers’ creations. The Loom Network uses decentralized applications (dApp) Chains-decentralized chains.

Among other drivers, the LOOM token went live on KuCoin Futures perpetual contracts on October 11, offering traders a chance to make more money through leveraged trading. Longs, in particular, have had a field day with Loom Network price already up, and still some more upside potential left if their profit appetite is managed.

Traders attribute the success recorded by the Loom Network, remarkably weaving its way to success in the blockchain space, to its innovative approach.

Loom Network Price Forecast With Ascending Parallel Channel in Play

At the time of writing, the Loom Network price is $0.2124, drawing support from the midline of the ascending parallel channel. Traders will rake in more gains if the price consolidates within this bullish technical formation. Increased buying pressure could see LOOM shatter the channel’s upper boundary at the $0.21586 high.

In a highly bullish case, the gains could see Loom Network price extend to breach $0.25000. Overly ambitious cases could extrapolate the gains to the forecasted 50% target at $0.32331.

The position of the Relative Strength Index (RSI) at 68 and the green histogram bars of the Awesome Oscillator (AO) show bulls are leading the market. This solidifies the case to the upside.

Loom Network price
TradingView: LOOM/USDT 1-day chart

Converse Case

On the other hand, the Bollinger Bands show that Loom Network price may be due for a correction. With the price testing the upper band (blue) of the Bollinger indicator, LOOM may be overbought.

For the layperson, the Bollinger Bands help identify whether an asset is overbought or oversold. An asset’s price breaking above the upper band suggests prices have climbed excessively (overbought), meaning a correction is imminent. Conversely, the price breaking below the lower band means the asset is oversold, pending a bounce. This price-tracking indicator uses the mean reversion concept because the price deviating significantly from the mean causes it to revert to the same average position.

As such, Loom Network price may be due for a pullback, potentially going as low as the baseline (orange) of the Bollinger Bands at $0.19338 or lower to the lower band at $0.17091. In the dire case, the load-shedding exercise could send LOOM to $0.15667, 26% below current levels.

Longs looking to open new positions should wait for a confirmed break above the upper band of the Bollinger indicator. Those looking to open new short positions should watch for the price breaking below the lower band. A decisive move beyond these levels would invalidate the mean reversal thesis.

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Loom Network Alternative

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