Loom Network Price Prediction | Is Loom Network a good investment?

LOOM wants to help people use DApps without crypto – Photo: Kuklos / Shutterstock

The loom network was set up to create programs accessible to all, and LOOM is its native currency. Let’s find out more and also take a look at some of the looms network price predictions that were made on August 26, 2022.

The Loom Network Explained

One of the main issues when it comes to the world of blockchain technology in general and cryptocurrency in particular is that of scalability. The idea is that many blockchains perform better when there is less activity on them. This means that if the markets start to get more active, trading slows down. Not only does this slow down activity on a blockchain, but it also means that buying and selling can potentially be more expensive. Therefore, developers are looking for a way to ensure that their programs and transactions can maintain their speed.

A potential solution to this problem comes in the form of the Loom network. This system is designed to work with the Ethereum (ETH) blockchain and help facilitate the creation of decentralized applications (dApps). The system also aims to make these blockchain-based applications more transparent and more like the programs that computer and phone users use every day, helping to bring crypto and blockchain a little more into the mainstream.

The network says potential users don’t have to download crypto wallets to access DApps, which could attract people who might otherwise not be interested in blockchain technology. Loom Network also claims to be able to integrate assets cross-chain, meaning people can use Bitcoin (BTC) on the platform, which is based on something called Loom Network Basechain.

Every blockchain-based application should have its own native token, and Loom Network has the convenient name loom network crypto, also known by its ticker handle of LOOM. This token is designed to be used to pay for hosting DApps on the platform, while it can also be staked in exchange for rewards. Crypto can also be bought, sold, and traded on exchanges.

Loom Network was based in 2017 by Bangkok-based developers Matthew Campbell, Luke Zhang and James Martin Duffy. LOOM first hit the open market the following year after a private initial coin offering (ICO) that raised $45.81 million out of a goal of $58 million.

Because the Loom Network platform is ultimately based on the Ethereum blockchain, this means that LOOM is not a coin but rather a token. You may see references to the LOOM coin or a Looms Network coin price prediction, but these are, technically speaking, incorrect.

Loom Network Price History

Loom Network price history from launch to present

Source: Capital.com

Now is the time to take a look at the price history of LOOM. While it’s important to remember that past performance should never be taken as an indication of future results, knowing what the token has done in the past can give us much-needed context when it comes to interpreting a network price prediction of looms or making one of our own.

When LOOM hit the open market in April 2022, it was worth $0.08949. This was good news for early investors, with the token reaching an all-time high of $0.7745 on May 4, 2018. After that, the newly minted crypto could not withstand the market forces of the so-called crypto winter. and it fell below $0.10 in November and remained there for the next two years or so. The all-time nadir came on March 13, 2020, when the prospect of Covid-19 lockdowns saw markets fall across the board, and LOOM fell to an all-time low of $0.007666 on March 13, 2020.

In April 2021, as the cryptocurrency market entered a bullish phase, the token hit a periodic high of $0.2605. It then joined most of the market in a bearish summer, reaching a low of $0.04078 on June 21. There was a rally later in the year, as August saw growing interest in non-fungible tokens (NFTs), helping LOOM break through $0.10 towards the end of the month and back up to 0 $1777 on September 17. After falling to close the month at $0.09547, there was a slow recovery to hit a high of $0.1882 on November 21 before a contracting market saw it close the year at 0.08578 $.

Things took a turn for the worse in 2022. There was an early rally, with LOOM reaching $0.1049 on February 7 after listing on the Coinbase (COIN) exchange.

Russia’s invasion of Ukraine caused it to drop to $0.06132 on February 24. News that the stablecoin UST had de-indexed, leading to the collapse of the related cryptocurrency LUNA, threw the market into turmoil, with LOON falling to $0.03642 on May 12. Any hope of a rally was short-lived, and with news of crypto lending platform Celsius reversing withdrawals confirming the crypto bear market, the token settled at a low of $0.03153 on June 15. On August 25, news that LOOM would be available on the Binance exchange (BNB) saw it hit an intraday high of $0.06635.

On August 26, 2022, the price of LOOM stood at around $0.0625. At that time, there were 1.3 billion loom networks in circulation, according to CoinMarketCap, which is the total supply. This gave the token a market capitalization of around $81 million, making it the 288th largest crypto by this metric.

Loom Network Price Predictions

Let’s take a look at some of the looms network price predictions that were made as of August 26, 2022. It is important to recognize that price predictions, especially when it comes to something as potentially volatile as cryptocurrency, very often turn out to be fake. . Additionally, long-term crypto price predictions are often made using an algorithm, which means they can change at any time.

CryptoGround was quite bearish when it came to making a looms network price prediction for 2022. The site believed that LOOM could drop to $0.0497 in early September before rising to $0.045 by the end of the month. Going a step further, the site stated that the token could be worth $0.0561 at the end of February 2023, before potentially reaching $0.0699 in August of the same year. The forecast then argued for a price of the LOOM token of $0.1143 in 2024 and one of $0.304 in 2025. In August 2027, the site said that the loom network could be worth $0.4769.

CoinArbitrageBot was much more optimistic in terms of predicting crypto prices from its looms network. The site stated that LOOM could reach just over $0.09 by the end of 2022, before potentially rising to $0.161 in 2023. In 2024, the prediction was that the token could trade at slightly higher of $0.26, while the site did a loom network price prediction for 2025 which saw it worth around $0.42196. Whether or not you trust these forecasts depends on your belief that LOOM can grow by more than 500% over the next three years or so.

PricePrediction.net had a price prediction for the LOOM token that the loom network could trade at $0.058 in 2022, $0.081 in 2023, and $0.12 in 2024. By 2025, according to the site, the token could potentially trading at $0.17, before it could reach $0.24 the following year and $0.35 the year after. In 2028, the prediction was that LOOM would be worth somewhere in the region of $0.52, before potentially rising to close the decade at $0.75. The site then made a loom network price prediction for 2030 which saw it settle at $1.15, before potentially reaching $1.73 in 2031.

To finish, PortfolioInvestor was much more bearish in his LOOM price prediction. The site argued that there were bad times ahead for the looms network, and in late August 2023, the token’s value could have dropped significantly, trading at around $0.00786.

When reviewing a LOOM token price prediction, it is important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what the price will be. a coin or token in a few hours, and even more difficult to give long-term estimates. . As such, algorithm-based analysts and forecasters can and do get it wrong in their predictions.

If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Read the latest market trends, news, technical and fundamental analysis and expert opinions before making any investment decisions. Keep in mind that past performance does not guarantee future returns. And never trade with money you can’t afford to lose.

FAQs

Is the network of looms a good investment?

It’s hard to say. The token rallied after its listing on Binance, but history tells us that this kind of recovery can very often be brief.

Remember that you should always do your own thorough research before investing. Even high market cap cryptocurrencies have proven vulnerable to current bear markets. Investors should therefore be prepared to take losses and never buy more than they can afford to lose.

Will the loom network go up?

It might do it, but it also might not. While the likes of CoinArbitrageBot are optimistic in their forecasts, sites such as PortfolioInvestor are much more bearish.

In volatile cryptocurrency markets, it’s important to do your own research on a coin or token to determine if it’s a good fit for your investment portfolio. Whether LOOM is the right investment for you depends on your risk tolerance and the amount you intend to invest, among other factors. Keep in mind that past performance does not guarantee future returns. And never invest money you can’t afford to lose.

Should I invest in a network of looms?

This is a question you will have to answer for yourself. Before doing so, however, you should do your own research and never invest more money than you can afford to lose, as prices can go down as well as up.

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