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The Loom Network (LOOM) token has recovered to see gains of 54% in the past 24 hours

The Loom Network token has reached the $0.16 level after trading between a narrow range of $0.09—$0.12. This strong rise was also accompanied by a corresponding increase in volumes and the token could possibly 2x or 5X from the current levels if the bull momentum continues in the future. The LOOM token registered a total trading volume of $585,389,220 yesterday. 

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The Loom Network is a scaling solution with multi-chain support. It allows interoperability between different blockchain networks and currently supports Ethereum, BSC chain and Tron. The network also plans to add support for EOS and Cosmos in the future. The LOOM token is used to pay for transaction fees inside the network and users can also stake coins to earn rewards. The Loom Network charges a monthly fee from developers making transactions free for its users. 

The LOOM token is currently being fuelled by rising volumes, and the coin could possibly provide handsome returns to its early adopters if the current uptrend continues. 

Below is the weekly chart for LOOM that shows a steady rise before the current parabolic spike pushed the price to the current level of $0.16. If the token manages to breach the zone of strong resistance located at $0.23, then it could rise higher towards the $0.5 levels and beyond. 

LOOM weekly chart. Source: CoinMarketCap

This article is informational only—none of the contents should be construed as financial or investment advice.

The post Where to buy Loom Network: LOOM gathers momentum to reach the $0.16 level appeared first on Coin Journal.

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