Loom Network price hits strong weekly resistance after 32% surge as LOOM ranks high on Korea’s Upbit
- Loom Network price is up 32% in the last 24 hours to test a strong weekly resistance at $0.269 on MEXC exchange.
- A break above the $0.28 to $0.29 zone seems likely to capitulate the high-leverage traders.
- LOOM is massively overbought and could face a steep decline on the Korean exchange, Upbit.
Loom Network token (LOOM) is highly bullish, passing as a rather lucrative investment for traders who use the scalp technique, buying and selling the asset within a short period to make small profits. With traders relying on LOOM’s price fluctuations for quick entry and exit trades, extra caution is required as signs point to manipulation.
Loom Network price skyrockets
Loom Network token (LOOM) price is up over 30% in the last 24 hours and over 50% in the last four days on MEXC exchange. Longs are having a field day as LOOM is yet to pull back even on the weekly timeframe, recording higher highs to the current level where it tests the weekly resistance at $0.269.
The Relative Strength Index (RSI) at 93, shows that LOOM token is massively overbought, but may not be ripe for selling just yet considering the momentum indicator remains northbound. Increased buying pressure could see Loom Network price extend past the $0.280 and $0.290 levels to tag the $0.300 psychological level to capitulate to the high-leverage traders.
LOOM/USDT 1-week chart
Loom Network price sits on the local support at $0.168, a longstanding barrier, now turned support that could easily flip if LOOM traders start to sell aggressively. A rejection from the weekly resistance could send the token below the aforementioned level, or lower to test the next support at $0.096.
LOOM ranks high on Upbit’s top gainers
Meanwhile, the LOOM token ranks as the leading bag on the Korean exchange Upbit, spurring concern considering the region’s traders are infamous for pump-and-dump schemes.
Upbit N01 bag is not #Btc , #Eth or Stables. It’s $Loom lol
▪️They specialize in pumping dead projects.
Which token is next on their to-do-list ? #DYOR ♂️ https://t.co/GdRYlOa8zH pic.twitter.com/VbqZImSIWR
— Marius.capital (@AltbriMarius) October 12, 2023
Korean traders have been associated with pump-and-dump habits in the past, with CryptoQuant CEO Ki Young Ju acknowledging that Korean traders favor pumping and dumping altcoins specifically.
Fun Fact 3.
Korean crypto traders love pumping & dumping altcoins, ironically. Got this clip from my Korean friend. pic.twitter.com/63Ewssu5VO
— Ki Young Ju (@ki_young_ju) March 30, 2023
Ki attributed it to the region’s «Very strict capital controls, blocking arbitrage opportunities between global exchanges.»
Meanwhile, interest is drawn to REI token amid speculation that Upbit could give LOOM a Korean WON (KRW) pair. With Upbit exchange’s recent show of support for the REI hardfork update, the token is currently recording the highest volume on against the BTC pair.
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