LOOM’s Great Performance Continues With Price and Volume Upticks

• Coinalyze revealed in an X post yesterday that LOOM recorded more trading volume than BTC over the weekend.
• Notably, LOOM’s trading volume was less than 50% lower of all smaller-capped cryptocurrencies during the same period.
• At press time, LOOM was up 6.77% over the past 24 hours and 119.73% for the past week.

The trading analysis platform Coinalyze revealed in an X (formerly Twitter) post yesterday that Loom Network (LOOM) recorded significantly more trading volume than the market leader bitcoin (BTC). According to the post, LOOM’s 24-hour trading volume reached $4.8 billion. BTC’s trading volume during the same period reached $4.5 billion.

Meanwhile, the largest altcoin in terms of market cap, ether (ETH), saw its 24-hour volume rise to $2.5 billion. What makes LOOM’s uptick in trading volume impressive is the fact that the combined trading volume of all smaller-capped cryptocurrencies was less than 50% more than that of LOOM, which stood at around $6.8 billion.

LOOM’s price also performed impressively throughout the past couple of days. Data from CoinMarketCap indicated that the altcoin’s value had risen 6.77% over the past 24 hours alone. This boosted LOOM’s price to $0.3811 at press time.

Although LOOM’s 24-hour performance is impressive, it is the altcoin’s price movements over the last 7 days that demand attention. LOOM’s weekly performance stood at a remarkable +119.73%. Furthermore, the cryptocurrency’s price may continue to rise in the next few days given the fact that LOOM was also the highest trending topic on CoinMarketCap’s list.

From a technical perspective, LOOM was able to break above the $0.36555 threshold and tapped the $0.50895 resistance level over the past 48 hours. Since then, the cryptocurrency’s price had undergone a slight correction to break back below the $0.36555 mark, but it has been able to recover to trade above this significant price point at press time.

If LOOM closes today’s daily candle above $0.36555, then it may attempt another challenge at the $0.50895 threshold in the coming few days. Conversely, a daily candle close below $0.36555 today could lead to LOOM falling to the subsequent support level at $0.24420.