Key Takeaways:
- Loom Network’s Remarkable Rally: Loom Network, an altcoin, has experienced a significant upswing in 2023, with an impressive 509% surge from September 19. As of the current writing, it’s trading at around $0.27, showcasing its resurgence in the crypto market.
- Robust Recent Gains: Recent data from CoinMarketCap reveals a robust 30% surge in LOOM price within the last 24 hours and over 52% in the past 7 days, contributing to a substantial year-to-date increase of about 436%.
- Uncharted Territory: LOOM price recently surpassed its previous all-time high of $0.245, trading in uncharted territory. This indicates a promising outlook for LOOM’s future performance.
- Positive On-Chain Metric: The profitability of LOOM token holders remains notably positive, with approximately 86% of holders in profit, 14% at the breakeven point, and only 0-1% experiencing losses. This highlights the token’s strong performance and investor appeal.
Loom Network Technical Overview
LOOM/USD | Source: TradingView
- Throughout 2023, Loom Network, an altcoin, maintained a relatively quiet price performance. However, in the past few weeks, it has undergone a remarkable rally, soaring by an impressive 509% from September 19. As of the time of writing, it is trading at approximately $0.27.
- As per CoinMarketCap data, LOOM price witnessed a robust 30% surge in the last 24 hours alone and over 52% in the past 7 days. This substantial growth has led to a year-to-date increase of about 436%.
- This surge also prompted a compelling bullish occurrence, known as a golden crossover, where the 50-day moving average crossed above the 200-day moving average. Furthermore, prices broke through these moving averages in September, providing robust support for the ongoing rally.
- Earlier in October, LOOM price experienced a minor correction, finding support at the Fibonacci pivot level. Since then, LOOM price has breached all the resistance levels marked by the Fibonacci pivot points, as is the case whenever there is a major rally in any crypto.
- At present, LOOM price is hovering well above the Fibonacci pivot R3 level of $0.245. LOOM price has breached its previous ATH of $0.245 – and is thus now trading in uncharted territory, and the way forward looks pretty bullish.
- All in all, the outlook appears notably bullish for the token, with expectations for the rally to persist, albeit with occasional minor corrections.
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Loom Network On-chain Overview
Profitability of LOOM Holders
Profitability of LOOM Holders | Source: IntoTheBlock
The profitability of LOOM token holders is currently reflecting an overwhelmingly positive trend according to the on-chain metric. As of the latest data, approximately 86% of LOOM holders are “in the money,” enjoying profits from their investments. This signifies a significant majority of investors who have seen the value of their holdings increase, reflecting the asset’s impressive performance.
Around 14% of LOOM token holders are currently at the breakeven point. These investors have essentially maintained the value of their investments, neither realizing profits nor incurring losses. This demonstrates a relatively stable position for this portion of the user base.
Remarkably, only a very small percentage, roughly 0-1%, are “out of the money,” indicating that very few individuals are currently experiencing losses in their LOOM holdings. This is a noteworthy indicator of the token’s resilience and consistent performance in the market.
Overall, the profitability of LOOM token holders is highly favorable, with a substantial majority enjoying profits, a minority at the breakeven point, and minimal losses observed within the community. This on-chain metric underscores the potential appeal and value that LOOM has provided to its investors.
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Conclusion
Loom Network’s journey in 2023 has taken an exciting turn, with a remarkable rally that has seen substantial price increases. Recent gains, a golden crossover, and strong support from moving averages are underpinning this resurgence. The token has ventured into uncharted territory by surpassing its previous all-time high, indicating a bullish path ahead.
Furthermore, on the on-chain side, the profitability of LOOM token holders is overwhelmingly positive. A significant majority enjoys profits, a stable portion remains at the breakeven point, and only a tiny fraction faces losses. This on-chain metric reinforces LOOM’s appeal and performance, promising an encouraging future for this altcoin.
