Amidst prevailing bearish sentiments in the crypto market that pushed Bitcoin (BTC) below a critical support level of $27.2k, traders have found hope in the Loom Network (LOOM). This Ethereum-based decentralized application (DeFi) platform has seen a remarkable surge in its price, gaining approximately 529 percent in the past 30 days and currently trading around 28 cents. In the last 24 hours, LOOM has surged over 27 percent, while Bitcoin and Ethereum (ETH) have experienced a 2 percent drop.
LOOM Dominates Crypto Discussions
Market intelligence platform Santiment’s analysis reveals that the surge in LOOM’s price has become the focal point of crypto forums, attracting the most attention. Bitcoin-related topics come in second place, mainly due to the ongoing trial involving the former FTX boss, Sam Bankman-Fried (SBF). This trial has unveiled some startling revelations, mainly through the testimony of former Alameda Research Chief Executive Officer (CEO) Caroline Ellison.
The surge in LOOM’s price has caught the attention of crypto FOMO (Fear of Missing Out) traders, primarily as many have incurred heavy losses in most altcoins. From a technical perspective, LOOM’s price is currently undergoing a critical test of a support/resistance level. The outcome of this test could potentially lead to a reversal or a continued upward trend towards its all-time high, around 77 cents.
Amid crypto market uncertainties, LOOM’s impressive performance stands out as a beacon of hope for traders seeking opportunities beyond the turbulence affecting other cryptocurrencies. The evolving situation surrounding SBF’s trial also adds an intriguing layer to the current crypto landscape, raising questions about market manipulation and its consequences.