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Loom Network Price Prediction 2024: After Busy Q4, What is In Store for LOOM?

Last Updated February 23, 2024 10:54 AM
Peter Henn
Last Updated February 23, 2024 10:54 AM

Key Takeaways

  • The Loom Network token more than doubled after being listed on the Gate.io exchange.
  • LOOM outperformed the overall crypto market in 2022, despite dropping in price.
  • It then recorded a strong October in 2023, before slipping back.
  • One Loom Network price prediction says it can reach $0.39584 next year.

The Loom Network’s LOOM token has enjoyed some significant price movement in the last quarter of 2023. A listing  by the Gate.io (GT) exchange has seen it more than double in a matter of weeks. 

LOOM had previously had a comparatively successful 2022. Although it fell by more than half throughout last year, it still outperformed the market. It then had an amazing October in 2023, before retracing in the following months. Now, what’s next for LOOM?

Loom Network did not immediately respond to a request for comment.

But what is Loom Network (LOOM)? How does Loom Network work? Let’s see what we can find out, and also take a look at some of the Loom Network Price Predictions that were being made as of February 23, 2024.

Loom Network Price Prediction

Let’s examine some of the Loom Network price predictions being made on February 23, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.

2024 2025 2030
Prediction #1 $0.23 $0.27 $0.77
Prediction #2 $0.2916 $0.3958 $0.9166
Prediction #3 $0.165 $0.2435 $1.69

First, CoinCodex  had a short-term Loom Network price prediction that said the token would climb to $0.1294 by February 28 before reaching $0.1452 by March 24. The site’s technical analysis was neutral, with 22 indicators sending bullish signals and 11 making bearish ones.

Loom Network Price Prediction for 2024

DigitalCoinPrice  said that LOOM would reach $0.23 this year, while Bitnation  thought the token would reach $0.2916. PricePrediction.net  thought Loom Network would go to $0.165 in 2024.

Loom Network Price Prediction for 2025

Moving on, Bitnation said LOOM could reach $0.3958 in two years and DigitalCoinPrice said it would be worth $0.27. PricePrediction.net’s Loom Network price forecast had it trade at $0.2435 in 2025.

Loom Network Price Prediction for 2030

Looking at a more long-term Loom Network price prediction, DigitalCoinPrice thought the token would reach $0.77 in 2030. Bitnation said it would stand at $0.9166 that year. PricePrediction.net’s LOOM price prediction said it would stand at $1.69 at the start of the next decade.

Google Gemini AI Price Prediction for Loom Network (as of February 23)

Google’s Gemini AI platform gave the following price prediction for Loom Network on February 23. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligent price predictions are predicated on past performances and are in no way entirely accurate.

Short Term (Next 3 months)

  • Expected price: $0.14
  • Factors to Consider:
    • Overall performance of the cryptocurrency market: If the market continues to rise, LOOM is likely to benefit. However, if the market falls, LOOM could also fall.
    • Adoption and use of Loom Network: If Loom Network continues to be adopted by developers and users, it could boost the demand for LOOM.
    • Development of the Loom Network ecosystem: Loom Network is developing a number of new products and services, such as Basechain and DApps CHAIN. If these are successful, they could also increase demand for LOOM.
    • Regulatory environment: The regulatory environment for cryptocurrencies is constantly evolving. If regulations become more restrictive, it could dampen demand for LOOM.

Medium Term (Next 6 months)

  • Expected price: $0.04
  • Factors to Consider:
    • Overall Cryptocurrency Market: If the market thrives, LOOM could benefit. However, a market crash could negatively impact its price.
    • Adoption and Development: Increased adoption of Loom Network’s technology and successful development of its projects could boost demand for LOOM.
    • Regulatory Landscape: Changing regulations could impact the overall cryptocurrency market and potentially LOOM’s price.
    • Team and Community: A strong and active team working on innovative projects with a supportive community can positively influence LOOM’s value.

Long Term (Next 5 years)

  • Expected price: $1.186
  • Factors to Consider:
    • Overall Crypto Market: If the market booms, LOOM could benefit, but a crash could see it fall.
    • Loom Network Adoption: Increased use of its scaling technology would boost demand.
    • Development of Loom Ecosystem: Successful new products and services could attract users.
    • Competition: Other scaling solutions could impact Loom’s market share.
    • Regulations: Changing regulations could affect the entire crypto industry.

LOOM Price History

Now, let’s examine some of the highlights and lowlights of the Loom Network price history . While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret a Loom Network price prediction.

LOOM first came onto the open market in 2018, following a private initial coin offering (ICO) which raised  $45.81m out of a target of $58m. In April of that year, it was worth a little under $0.09. Its price soon shot up and, on May 4 that year, it reached an all-time high of $0.7745. Unfortunately, the market then went through a crypto winter and the price declined. The absolute low point came on March 13, 2020. This came at a time when all manner of markets fell as Covid-19 lockdown restrictions came in across the globe and LOOM traded at an all-time low of  $0.007666.

Things got better in 2021. In April, the token traded at above $0.25. There was a fall in the summer, and it stood above $0.10 until December. That is when a market downturn triggered by concerns about the Omicron variant of Covid-19 saw LOOM drop to close the year at $0.08578.

LOOM outperforms the market but still falls in 2022

While 2021 was positive, 2022 was far less prosperous for LOOM. That said, the crypto was able to be one of the year’s better performers, despite suffering a loss.  The token struggled as the market crashed in May following the collapse of the Terra (LUNA) blockchain. 

Not even August’s listing on the Binance (BNB) exchange could prevent it from suffering the fallout from the FTX (FTT) exchange declaring bankruptcy. LOOM closed 2022 at $0.03952, down nearly 55% year-on-year. 

While this was bad for the token’s investors, the overall crypto market fell by nearly 65% in 2022. This meant that LOOM had outperformed the market throughout the year. 

Loom Network in 2023 and 2024

Loom Network price history
Loom Network price in 2023 and 2024 | Credit: CoinMarketCap

The Loom Network crypto ended 2023 down from a spike, but up from its mid-year performance. The token shot up on March 14, briefly trading at $0.1333, before it fell again. June’s news that the United States Securities and Exchange Commission (SEC) was to sue the Binance and Coinbase exchanges shook the market and, on June 16, LOOM was worth just $0.03645.

The token then recovered with the market. On July 15, following the news that a court had found Ripple’s XRP was not a security when it was sold on exchanges, it reached $0.07217. After that, it went down pretty quickly. The decline was exacerbated in August when Elon Musk’s SpaceX sold millions of dollars worth of Bitcoin (BTC). On August 17, LOOM fell to $0.03667. A slow recovery then took place which then speeded up on September 20, when the token traded at a high of $0.07135. By September 21, 2023, LOOM was worth about $0.06. When the listing happened, LOOM shot up and, by October 6, it was worth about $0.1625.

It then ended 2023 at $0.1055 and fell under $0.09 in January, reaching its minimum in 2024 so far at $0.08235 on February 5, 2024. It then rebounded since then, reaching $0.08235 on February 23, 2024.

At that time, there were about 1.22 billion LOOM in circulation out of a total supply of 1.30 billion. This gave the token a market cap of about $127.6 million, making it the 348th largest crypto by that metric. 

Loom Network Price Analysis

Loom Network Price Analysis
The price of LOOM could skyrocket in 2024

LOOM’s price has experienced dramatic fluctuations since it first entered the market. It soared to $0.80 in April 2018, only to undergo a significant downturn, dropping to $0.0077 by March 2020. However, a recovery phase ensued, pushing its value to $0.267 in April 2021, which, despite being a recovery, didn’t match its earlier peak.

The price pattern of Loom developed into what’s known as a descending flat triangle, showing a downward trend in resistance but stable support around $0.38. It broke this pattern and reached a high of nearly $0.50 in October, but quickly made a downturn to $0.08 where it is currently being traded. 

Nonetheless, taking a broader perspective and tracing the growth from June 10, 2023, this adjustment could set the stage for a significant upward trajectory. Should this larger bullish trend develop, Loom may reach new heights, approaching $1 in 2024.

Is Loom Network a Good Investment?

It is hard to say. A lot will depend on whether the recent price action can be sustained. 

Although LOOM has been around for a long time, it has never quite broken through to become one of the bigger tokens out there. On the other hand, though, it has managed to plow its furrow. The platform does have its uses, though.

As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in LOOM.

Will Loom Network go up or down?

No one can tell right now. While the Loom Network crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in Loom Network?

Before you decide whether or not to invest in Loom Network, you will have to do your own research, not only on LOOM but on other coins and tokens such as The Graph (GRT) or MXC. Either way, you will also need to make sure that you never invest more money than you can afford to lose.

Who are the founders of Loom Network?

Developers Matthew Campbell , Luke Zhang, and James Martin Duffy founded the Loom Network in 2017. Campbell is a graduate of Georgia State University, while information about Zhang and Duffy’s backgrounds is scarce. 

From the Whitepaper

In its technical documentation or whitepaper , Loom Network says that it aims to make working with Decentralized Applications (DApps) easier.

It says: “Loom Network is a multichain interoperability platform — live in production — that’s connected to other major blockchains such as Ethereum, Binance Chain, and Tron.”

Loom Network (LOOM) Explained

The Loom Network is intended to help people create their decentralized applications (DApps) on the Ethereum (ETH) blockchain. The system wants the DApps to be as accessible and transparent as mobile phone apps. This, it is hoped, will help bring both cryptocurrency and blockchain technology further into the mainstream. 

The LOOM token helps power the system.

How Loom Network Works

Loom allows people to access DApps without having a crypto wallet. Again, this fits in with the idea of helping more people access the blockchain, thus making it more mainstream. 

LOOM pays for access to all the DApps on the Loom Network. It also rewards people who help the system operate. People can also buy, sell, and trade LOOM on exchanges. 

Because LOOM is based on Ethereum, it is a token, not a coin. You might see references to such things as a Loom Network coin price prediction, but these are wrong.

Loom Network Attention Tracker

Loom Network Google search volume
Loom Network Google search volume | Credit: Google

Here is a chart for the Loom Network Google search volume for the past 90 days. This represents how many times the term “Loom Netwokr LOOM” has been Googled over the previous 90 days. 

FAQs 

How many Loom Network tokens are there?

As of February 23, 2024, there were about 1.22 billion LOOM in circulation out of a total supply of 1.30 billion.

Will Loom Network reach $1?

It could do, but not for quite some time. Both DigitalCoinPrice said it would break the dollar in 2028 and Bitnation thought it would reach that level in 2027. PricePrediction.net said it would reach double figures by 2032.

It is worth remembering that LOOM has never traded at $1, despite having been on the market for five years.

What is Loom Network used for?

The LOOM token supports the Loom Network protocol. Holders can vote on changes to the network. People can also buy, sell, and trade it on exchanges.

Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability, and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto user should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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