LOOM had previously had a comparatively successful 2022. Although it fell by more than half throughout last year, it still outperformed the market.
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 September 21, 2023.
Let’s examine some of the Loom Network price predictions being made on September 21, 2023. 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.
First, CoinCodex had a short-term Loom Network price prediction that said the token would climb to $0.237 by October 11 before reaching $0.2498 by November 5. The site’s technical analysis was bullish, with 24 indicators sending positive signals and just six making bearish ones.
Moving on, Bitnation said LOOM could reach $0.5734 in two years and DigitalCoinPrice said it would be worth $0.56. PricePrediction.net’s Loom Network price forecast had it trade at $0.11 in 2025.
Looking at a more long-term Loom Network price prediction, DigitalCoinPrice thought the token would reach $1.69 in 2030. Bitnation said it would stand at $1.39 that year. PricePrediction.net’s LOOM price prediction said it would stand at $0.68 at the start of the next decade.
The Gate.io crypto exchange listed LOOM on 25 September. Since then, the price of the token has grown significantly.
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.
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.
So far, 2023 has seen some ups and downs. The token enjoyed a freakish spike 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.
At that time, there were about 1.2 billion LOOM in circulation out of a total supply of 1.3 billion. This gave the token a market cap of about $198 million, making it the 125th-largest crypto by that metric.
LOOM traded at around $0.22 in April 2021. After that, it fell, with $0.035 serving as a base for its future performance.
The token’s price has been moving slowly upwards since the middle of August. However, the Relative Strength Index (RSI) indicator suggests that the token is overbought, indicating a drop could be coming.
A lot will depend on whether LOOM can rise above $0.22. If it does, we could see the start of a bull cycle.
What is more likely, though, is that it will drop back to $0.07. On the other hand, if that mark becomes a so-called support level, it could mean higher highs in the future.
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.
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.
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.
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.
One wallet held more than 45% of LOOM’s supply on October 6, 2023.
The five wallets with the most LOOM are
|Supply and distribution||Figures|
|Circulating Supply||1,219,425,698 (93.8% of total supply, as of October 6, 2023)|
|Holder distribution||Top 10 wallets hold 85.41% of supply, as of October 6, 2023|
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.”
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.
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.
On October 6 2023, there were about 1.2 billion LOOM in circulation out of a total supply of 1.3 billion. 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. 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.
How many Loom Network tokens are there?
Will Loom Network reach $1?
What is Loom Network used for?
On October 6 2023, there were about 1.2 billion LOOM in circulation out of a total supply of 1.3 billion.
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.
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.
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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.