Loom Network (LOOM) is a ERC20 token with a platform developed to build scalable games and Decentralized Applications (DApps) on the Ethereum network.
On May 2, 2018, LOOM was listed on Binance. The following day, it reached an all-time high. On Dec 13, it reached an all-time closing low.
In this technical analysis, price fluctuations and trends are given more attention. As well, RSI is used to highlight when LOOM was overbought and oversold. Periods of overbuying and selling are correlated to price fluctuations.
![Loom](https://beincrypto.com/wp-content/uploads/2018/12/shutterstock_1227417286-1024x683.png)
Major Price Fluctuations with trends
224 days elapsed between May 2 and December 13, 2018. The closing price of each day during this period is included in this graph:![LOOM Price May 2 to December 13](https://beincrypto.com/wp-content/uploads/2018/12/InkedLOOM-price-without-trends_LI.jpg.optimal.jpg)
![LOOM with three trends](https://beincrypto.com/wp-content/uploads/2018/12/InkedLOOM-all-3-trends_LI-1.jpg.optimal.jpg)
- The increase from the closing value on May 2 to the closing high on May 3 (green trend line)
- The decrease between the May 3 high and December 13 ending point (red trend line)
- The overall decrease in value from the May 2 starting point to the December 13 ending point (purple trend line)
The increase from the closing value on May 2 to the closing high on May 3
When a coin or token is first listed on Binance, it receives a substantial “bump” in value. This is evidenced with LOOM.![LOOM May 2 to May 3](https://beincrypto.com/wp-content/uploads/2018/12/InkedLOOM-May-2_3_LI.jpg.optimal.jpg)
The decrease between the May 3 high and December 13 ending point (red trend line)
Following the Binance bump, the listed coin or token typically faces a dump. Again, this is evidenced with LOOM whose value immediately begins to plummet following May 3. By Dec 13, LOOM would reach an all-time closing low of $0.040956.![LOOM high to low](https://beincrypto.com/wp-content/uploads/2018/12/InkedLOOM-May-3-high-to-Dec-13-low_LI.jpg.optimal.jpg)
The overall decrease in value from the May 2 starting point to the December 13 ending point
In total, LOOM has lost 90.56 percent of its value since being listed on Binance (between May 2 and Dec 13, 2018).![LOOM start to end](https://beincrypto.com/wp-content/uploads/2018/12/InkedLOOM-start-to-close-trend_LI.jpg.optimal.jpg)
Overselling in November
Using RSI, we find relatively few periods of significant overbuying or overselling of LOOM. In fact, Oct 10 marks the only day in which LOOM was overbought with RSI reaching 73.3499.
![LOOM with RSI](https://beincrypto.com/wp-content/uploads/2018/12/InkedLOOM-with-RSI_LI.jpg.optimal.jpg)
Compared to MANA and CIVIC
Three other ERC20 tokens were listed on Coinbase Pro on Dec 7. CIVIC, one of these tokens, suffered an average loss similar to LOOM.![](https://beincrypto.com/wp-content/uploads/2018/12/InkedCivic-Price-trends_LI.jpg.optimal.jpg)
Conclusion
The price of LOOM has dropped considerably since first being listed on Binance.
Following a brief bump, LOOM reached an all-time closing low on Dec 13. However, LOOM is not the only ERC20 token to lose value since being listed on Coinbase Pro. CIVIC has also reached an all-time closing low on Dec 11.
While CIVIC and LOOM are losing value, MANA is doing phenomenally well with an increase in value of over 300 percent since being charted on TradingView.
Questions have been raised as to whether tokens like LOOM deserve to be listed on Coinbase. Rumors of collusion and poor average yields have raised eyebrows.
But what do you think about LOOM? Can it recover any of its lost value? Or is just another S***coin? Let us know your thoughts in the comments below!
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Alexander Fred
Global AI, Data Science, and Blockchain expert. Alexander writes for BeInCrypto where he completes technical analyses of various alt-coins and qualitative commentary and analysis about various cryptoassets and their potential for social integration.
Global AI, Data Science, and Blockchain expert. Alexander writes for BeInCrypto where he completes technical analyses of various alt-coins and qualitative commentary and analysis about various cryptoassets and their potential for social integration.
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