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.
How & where to buy Loom Network in the UK and elsewhere
For trading in crypto tokens, you will need to open an account on a broker/exchange site. The process is quite easy and you will need to provide your full name, email address and phone number to open a new account. Most regulated platforms will ask you to verify the account before you can start trading. To verify, simply submit proof of identity and address such as a driving license and a utility bill. The account will be activated after the platform verifies the documents and you can deposit funds at this stage.
It is recommended that you avoid using decentralised exchanges as they are unregulated. For your benefit, we have selected two of the best platforms where you can open an account in minutes.
What is Loom Network?
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.
Should I buy LOOM today?
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.