Loom Network Price Dips Despite Market Upturn, While Traders Back This New Penny Crypto to Surge

Loom Network is down a staggering 22% over the past 24 hours. The downturn follows a broader market uptick and Loom’s price exploding in recent weeks. Could this be a mere pullback, or is its price destined to collapse further?

Meanwhile, some traders agree that the new Bitcoin Minetrix ($BTCMTX) project is set to boom once it hits exchanges. Currently, investors can buy it at presale, but they must be quick as it is selling out fast.

Loom Network Plunges After Monumental 7X Rally

Loom Network seemed to be a dormant and forgotten crypto over the past years, unable to reclaim its 2018 all-time high (ATH) in the 2021 bull rally. However, unsuspecting events have propelled it to become a trending crypto, surging 7x and overtaking its 2021 high despite turbulent market conditions.

That said, as the rest of the market has begun to pump recently, Loom Network has struggled tremendously, plunging from $0.48 to $0.3 since 15 October and down -22% in 24 hours.

Analysts have weighed in on what might have caused the collapse. X (formerly Twitter) user 0x_Lens alluded that the recent pump may have been “Next-level manipulation by exchanges,” noting the project is “dead” and has a low market cap.

Meanwhile, victorious__5 shares the abovementioned bearish sentiment. The trader states that shorting Loom is the best decision, referencing “Typical PCSN with max negative funding and someone owning 50% of the supply started selling today.

Concerns regarding Loom’s distribution have been circulating for a while but come to light as blockchain analytics account Lookonchain discovered that a wallet holding 47.5% of the LOOM supply has begun selling.

According to the tweet, this wallet is suspected to belong to the crypto exchange Upbit. This is also what 0x_Lens referred to regarding manipulation by exchanges.

Interestingly, data from the analytics platform Santiment shows that developer activity on Loom Network has diminished to almost zero over the past years. This indicates significant inactivity, meaning that the pump is unlikely to sustain.

Moving to technical analysis, Loom is trading at 73 on the RSI despite its strong sell-off. This is within the overbought territory and could indicate further downside momentum if it aligns with other technical indicators.

Meanwhile, the price has broken below its weekly volume weighted average price (VWAP) range, a bearish signal hinting at a move downward.

Considering the market’s bearish sentiment, its shrinking developer community and technical indicators pointing to a downside continuation, Loom currently holds significant risk.

One new project which does currently look bullish, though, is Bitcoin Minetrix, which has raised $1.6m via its ICO.

Traders Bullish on Stake-to-Mine Bitcoin Minetrix as Token Raises $1.6 Million in Three Weeks

Bitcoin Minetrix is a new Ethereum-based platform enabling users to mine Bitcoin by effortlessly staking $BTCMTX tokens. This groundbreaking concept provides a no-fuss, no-expertize needed way for anyone to begin earning free Bitcoin.

As such, its presale has exploded, raising $1.6 million in three weeks. The first presale round sold out in a flash, and it is currently in round two of ten, with investors able to grab $BTCMTX at just $0.0111.

They must be quick, though, since the price will increase by 10% in each round, with the next scheduled when the presale hits $3 million.

Traders are massively bullish on Bitcoin Minetrix. Prominent YouTuber Michael Wrubel, who boasts 300K subscribers, recently predicted significant potential for the project.

According to Wrubel, one of Bitcoin Minetrix’s most significant advantages is that the decentralized and transparent $BTCMTX token eradicates cloud mining security risks, which have become prevalent in the industry.

Bitcoin Minetrix has been audited by Coinsult, bolstering its reputation and trust among crypto investors.

The project is also running a $30K airdrop to celebrate its presale. Community members get up to seven entrees by completing easy tasks like following Bitcoin Minetrix on X.

These factors play an instrumental role in the wildly successful presale. However, with it quickly selling out, potential investors must not wait around.

Visit the Bitcoin Minetrix Presale

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