Loom Network price hits strong weekly resistance after 32% surge as LOOM ranks high on Korea’s Upbit

Loom Network token (LOOM) is highly bullish, passing as a rather lucrative investment for traders who use the scalp technique, buying and selling the asset within a short period to make small profits. With traders relying on LOOM’s price fluctuations for quick entry and exit trades, extra caution is required as signs point to manipulation.

Also Read: HIFI price falls 40% after Binance opens Hifi Finance perpetual contract, Korean traders...

Loom Network price skyrockets

Loom Network token (LOOM) price is up over 30% in the last 24 hours and over 50% in the last four days on MEXC exchange. Longs are having a field day as LOOM is yet to pull back even on the weekly timeframe, recording higher highs to the current level where it tests the weekly resistance at $0.269.

The Relative Strength Index (RSI) at 93, shows that LOOM token is massively overbought, but may not be ripe for selling just yet considering the momentum indicator remains northbound. Increased buying pressure could see Loom Network price extend past the $0.280 and $0.290 levels to tag the $0.300 psychological level to capitulate to the high-leverage traders.

LOOM/USDT 1-week chart

Loom Network price sits on the local support at $0.168, a longstanding barrier, now turned support that could easily flip if LOOM traders start to sell aggressively. A rejection from the weekly resistance could send the token below the aforementioned level, or lower to test the next support at $0.096.

LOOM ranks high on Upbit’s top gainers

Meanwhile, the LOOM token ranks as the leading bag on the Korean exchange Upbit, spurring concern considering the region’s traders are infamous for pump-and-dump schemes.

Korean traders have been associated with pump-and-dump habits in the past, with CryptoQuant CEO Ki Young Ju acknowledging that Korean traders favor pumping and dumping altcoins specifically.

Ki attributed it to the region's "Very strict capital controls, blocking arbitrage opportunities between global exchanges." 

Meanwhile, interest is drawn to REI token amid speculation that Upbit could give LOOM a Korean WON (KRW) pair. With Upbit exchange’s recent show of support for the REI hardfork update, the token is currently recording the highest volume on against the BTC pair.