In this article, I’ll be taking an in-depth look at the price of Loom Network and examining the various factors that could influence its future. To make my predictions, I’ll be conducting a thorough analysis. First I will look at its price history to be able to forecast scenarios into the future. Next, I will look at Loom crypto’s short term price prediction. To do this I will look into a bunch of technical indicators. I will also examine what other websites predict over the long term. Finally, I will look into the fundamentals of the platform’s technology, its adoption and usage rates, and current market trends.
By examining these key elements, I’ll provide you with a comprehensive view of Loom’s potential for growth and assess whether it’s a good investment opportunity. So if you’re interested in learning more about Loom Network’s price prediction and want to make informed decisions about this cryptocurrency, keep reading.
LOOM Past Price History
First, let’s take a quick look at how Loom crypto has been performing in the past few months.
Take a look at the chart below. It shows the price of Loom since its debut in 2018.
Woah! What’s going on here? Loom peaked at $0.68 in early 2018 just after it raised funds through its ICO. But look at the price after that. Loom has never reached that all time high again. Not even in the crypto bull run of 2021 when everyone was pumped about every single project that was coming out. In 2021 the maximum price was $0.025. Loom’s price has since seen a steady decline that is in line with the broader downturn in the cryptocurrency market. From its 2021 peak Loom has dropped 5x. What’s more, the price of LOOM crypto is 12 times below its all-time high enticing us to think there could be astronomical returns if loom were to retrace back to that all-time high again. The question is: can Loom make a comeback?
Loom price trend over the past year
To help answer that let’s zoom into the last few months to take a closer look at how price is trending.
ok, ooouh, what’s going on here? See those long candle wicks? That means price is fluctuating wildly on a daily basis. This is happening because there is very low liquidity. There’s only a tiny amount of trading per day. It wouldn’t take a whale to move this market. e.g. even on Jan 22nd, when the price temporarily pumped & dumped, the total trading volume for the whole day was only about $500k.
There is a few ways to think this little nugget of information I just shared with you.
- The first is that if you do decide to trade you must make sure to place a limit order. If you place a market order it will execute at whatever the price is available at that moment. And if you fall on the wrong end of the wick that price could be too high.
- The second is that, if you believe in the fundamentals of this project, like this guy does , then it might be a good time to get in because there is so little interest in the coin. On the other hand, the low liquidity could also be an indicator that the project is dying. Read on to get my perspective on the project’s fundamentals further down
But first let’s take a look at where the price stands today.
Loom Live Price Chart
The current Loom Network price is $0.057697 with a 24-hour trading volume of $90,190,161. Loom Network has experienced a 24-hour decline of 9.26%. With a live market cap of USD 64,472,048. The circulating supply is 1,117,425,698 LOOM coins, and the maximum supply is not known. It’s current coinmarketcap ranking is 325 which surprisingly high.
Considering that the price of LOOM was $0.047 three months ago, the price has increased by more than 14% (though the increase has not been steady). However, it was at this time that its price fell to its lowest level of $0.03 as shown below.
Additionally, a month ago, its market price was $0.045. It means that since then, it has grown by 20%. This is in line with the broader crypto and stock markets and is driven by expectations around the central bank easing up the pressure on interest rates. The price of LOOM has increased by roughly 10% times after the release of Consumer Price Index (CPI) numbers showing inflation may be easing up.
Short term price prediction
In the short term Loom has a support line where it is currently trading, at $0.05. The key in trading is to be patient. You need to wait this one out and see whether price will break down below the support level. If it does then there is not point entering the market. If however the price starts moving upwards then the next line of resistance is at $0.07. Say you enter at 0.055 and it reaches $0.07 then that is a nice 27% profit. Make sure you set a stop loss in case price moves in the opposite direction. If the price does reach $0.07 then set a new stop loss there. Because Loom is extremely volatile you could also set a take profit at about $0.08. Sometimes those candle wicks are really long. Hence there might be some extra profit you can get.
To sum up, in the short term, the price of Loom could reach $0.06 with a max of $0.07. There is nothing to guarantee this will happen as the price is presently hovering around its support level. So if you do make a move make sure to set a stop loss so you don’t lose everything. If, however, the numbers do play out you could make a good return.
Ok that’s my perspective. What do the technical tell us?
Loom Deep Technical Analysis
Let’s take a quick look at some of the most popular technical indicators. `
Loom is currently hovering above its 50 days moving average. If it dips below that line ( the blue line in graph 2 further up) then that would be considered a bearish indicator. However if it starts trending above it then it is a bullish indicator. So the moving average supports my thesis
Due to the bullish momentum, the Bollinger bands are forming a narrow pattern as the candle bars are trading close to the lower band and the MACD line is trading above the signal line.
The Relative Strength Index (RSI) is 50, indicating that the cryptocurrency is in neutral territory. Recently the RSI path seems to have changed to a downward movement. Increasing selling activity is also indicated by a declining RSI score.
In summary there aren’t currently any very strong bullish signals to suggest this coin is a buy.
Long term Loom crypto Price Prediction
For those looking at where Loom might trend in the future I have collected and summarized information from 5 different sources.
However please consider that no one, and I mean absolutely NO ONE can predict the price of a coin with any accuracy. You will find many of this sites claiming to use ai, machine learning and other fancy terms to predict the price. But I know a thing or two about statistics and it is all nonsense. The price history of coins has no pattern. Nothing better than a random walk pattern. Hence any prediction based solely on past performance is bollocks. And you will find this in small print. These sites will say something like “for entertainment purposes only”.
So I am including the predictions from other sites because that is what you searched for. However if you really want to understand if this coin is going somewhere read my section on Loom’s fundamentals below.
LOOM Price Prediction 2023
Based on our analysis, we predict that the highest price for LOOM coins in 2023 will be around $0.088, and it will likely end the year at that price. However, we also expect the price to fluctuate throughout the year, with the lowest expected to be around $0.073 and the average price being about $0.0745 per coin.
Loom wants to make it possible for developers of applications to use smart contracts that can access much more computing power when needed or maintain the same power at a lower cost for tasks like user onboarding trials or applications that don’t require the full security of blockchain in the first place.
LOOM Price Forecast 2024
We believe that the highest price LOOM coins will reach in 2024 is around $0.13. Throughout the year, we expect the price to stay around an average of $0.11 per coin, with the lowest expected to be around $0.11 as well. We also predict that the popularity of LOOM will continue to grow, leading to more people buying and selling the coin and resulting in more transactions being recorded. Overall, we think that LOOM’s value will continue to rise in 2024.
In 2025, we expect the price of the loom to trade at a high of $0.19. Additionally, we forecast a minimum price value of $0.15 and an average price of $0.16. If the network can scale more effectively by 2025, adoption and market costs will increase.
LOOM Network Forecast for 2026
According to our loom network price prediction for 2026, the currency will continue to increase in value, peaking at $0.28. Additionally, investors in Loom should budget for a minimum market price of $0.22 and an average price of $0.23.
According to our forecast, the base price of looms will reach a maximum of $0.38 in 2027. With a minimum and average price of $0.31 and $0.32, respectively, we anticipate the digital coin to maintain its bullish trend from the prior year.
LOOM Price Prediction 2028
Our analysis for LOOM for 2028, shows that LOOM coins could reach a maximum price of $0.55. We also anticipate the minimum price of the coin to be around $0.44, while the average trading price is expected to be about $0.45 per coin.
LOOM Price Prediction 2029
Our Loom network price prediction for 2029 predicts a starting price of $0.64. With an average trading price of $0.66 throughout 2029, the Loom Network price could go as high as $0.75.
LOOM Price Prediction 2030
Our forecast for LOOM coin in 2030 indicates that the minimum price is expected to be around $0.88. The coin’s value could reach as high as $1.13, with an average value of about $0.92 per coin.
LOOM Crypto Price Prediction 2031
Our analysis for 2031 predicts that the maximum value of the LOOM coin in 2031 could be as high as $1.57. We also anticipate the average price of the coin to be around $1.34, with a minimum value of $1.30 per coin for the same year.
Check out the Loom price prediction for 2032.
By using the zkLoom blockchain, you can rely on Ethereum’s security assurances without needing to trust validators anymore. It is much simpler to bootstrap new blockchains and operate them at a lower cost because zkLoom blockchains operate securely with few validators due to the use of Ethereum for security.
Loom crypto price predictions summary
Where to Buying LOOM
Despite each of these exchanges listing the LOOM token, I did find the order books’ generally low levels of turnover to be a little unsettling. This might make the token less liquid, which would make executing larger block orders more difficult.
How to store LOOM
LOOM may be kept in any ERC-20-compliant wallet because it is an ERC-20 token. Additionally, it supports converted BEP-2 wallets, and both the ledger and the Trezor hardware wallets support LOOM. Additionally, the team has now made a native LOOM wallet that can be used to store LOOM available.
Do Loom’s Fundamentals indicate there is future upside?
To answer this let’s understand what Loom is.
What exactly is Loom Network (LOOM)?
Loom Network is a Layer 2 scaling solution for blockchain-based applications. It was designed to solve some of the scalability and usability issues faced by decentralized applications (dApps) on blockchain networks like Ethereum.
Loom Network uses a sidechain architecture to enable faster and cheaper transactions for dApps. Sidechains are parallel chains to the main blockchain that operate independently and interact with it through a two-way peg. This allows developers to create and deploy their own dApps on Loom Network, while benefiting from the security and decentralization of the main blockchain.
Loom Network also provides developers with tools and infrastructure to make it easier to build, deploy and manage dApps. Some of the tools and services offered by Loom Network include a software development kit (SDK), a decentralized exchange (DEX), a wallet, and a marketplace for dApps.
According to the website, developers can easily incorporate assets from other chains, such as the Binance Chain, Ethereum, and Bitcoin. This means that DApps created with Loom can be made available to users on other significant platforms.
The protocol is made more secure by the LOOM token. Holders can receive LOOM as payment for performing specific tasks on the network. Additionally, developers use LOOM tokens to pay for DApp hosting on the Loom Network.
The Loom Network Team
It is concerning to me that the Loom Network website makes no mention of its staff. 35 of its employees are, however, listed on LinkedIn, indicating that they do have a presence there. The Loom Network’s Chief Marketing Officer is James Duffy, and the project’s CEO is still Matthew Campbell, a co-founder. However, I couldn’t find them on Linkedin.
The Loom Network, which is based in Bangkok, Thailand, received a $25 million investment from The Ventures, a Chinese venture capital firm, in the past.
Loom partnerships and products
Loom says its focus is on social and games dapps. Below is a list of the dApps developed so far on the Loom Network.
- DelegateCall: The website pays users for asking and responding to questions about blockchain programming, like Stack Overflow with tips.
- SolidityX: Solidity is now simpler for developers to deploy and implement due to this superset.
- CryptoZombies: CryptoZombies is a popular interactive programming tutorial that teaches beginners how to develop decentralized applications (dApps) on the Ethereum blockchain using Solidity programming language. It uses a fun and engaging approach that allows users to learn how to code smart contracts by creating their own zombie game. The tutorial is free and can be accessed online. So far more than 400,000 people have completed tutorials on CryptoZombies.
- EthDeploy: A platform similar to Amazon Web Services (AWS) on the blockchain for testing and deploying large-scale dApps.
- EthFiddle: Solidity code snippets are shared by over 10,000 users for use, testing, and compilation by the general public.
Am I bullish on Loom’s fundamentals?
In a nutshell no. Not with the information that I have. The people seem to be hiding. Their last blog post of any substance was in December 2022 where they mostly talk about crypto zombies. They also discuss how they are developing their own metaverse but the description is not getting me excited. Granted crypto zombies is really popular but I don’t see anything else happening. In addition in May last year they suddenly announced a 30% increase in the supply of their token which also does not sit well with me.
To sum up, in the short term the price of Loom has been trending upwards. It’s currently sitting in neutral territory but if the price breaks out of its current range you might want to buy it and wait until it hits the next resistance level.
While Loom’s past price history has been volatile, experiencing a steady decline in line with the broader downturn in the crypto market, its current low liquidity is a cause for concern. For me this does not bode well and I am in no hurry to invest in the project. I am simply not convinced that this project stands out against the myriads of other solutions out there that aim to scale Ethereum. If you believe otherwise then the low market cap means that you are getting in early on this project. I hope this article has been helpful. Whatever you do dear readers, you should carefully evaluate your investment decisions based on examining multiple sources and not just the contents of this single article. Make sure you do your own research. This article is for fun and is by no means financial advice.
Is Loom a good crypto?
The verdict on the potential of this protocol is somewhat subjective. While it boasts encouraging endeavors such as CryptoZombies, the team's activity has been relatively muted since December. It is uncertain if this silence is indicative of the protocol's gradual decline, or if it is undergoing restructuring to deliver enhanced offerings within the cryptocurrency realm. Thus, investing in this protocol is a gamble due to the lack of adequate transparency at present.
What does loom crypto do?
Loom Network is a blockchain platform that aims to enable developers to create decentralized applications (dApps) with high throughput, low latency, and interoperability. The Loom Network leverages the Ethereum blockchain as its main security layer but provides its own layer 2 scaling solution to enhance performance.
Loom Network's main offering is a software development kit (SDK) called the Loom SDK. The SDK allows developers to create and deploy their own blockchain-based applications with various programming languages such as Solidity, Java, and Go. It also provides various tools, such as a wallet and block explorer, to assist with the development process.
How much is loom coin worth?
As of the most recent market data, the price of Loom coin is currently trading at $0.062 USD. It's important to note that the price of Loom, like any other cryptocurrency, can be highly volatile and subject to fluctuations based on a variety of factors, such as market demand, adoption rates, and overall sentiment towards the cryptocurrency industry. Investors should always do their own research and consider their risk tolerance before investing in any cryptocurrency.