XRP Bulls Hit Emergency Brake, But What’s Reason?
The post XRP Bulls Hit Emergency Brake, But What’s Reason? appeared on BitcoinEthereumNews.com. Arman Shirinyan LOOM’s massive partnership launched it to sky, but will rally hold? Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. When news broke out about Loom joining hands with Atlassian, the excitement was palpable. A collaboration with such a major player in the team collaboration software space was a major boon for Loom. The deal, which was reportedly valued at a staggering $975 million, set the crypto market buzzing. Investors rushed to buy LOOM tokens, resulting in a 510% surge in its price. The uptrend was remarkable, and for a while, LOOM was the star of the show, outperforming other cryptocurrencies in the top 30 range. Source: TradingView However, the chart tells a different story now. The initial euphoria seems to be fading, and the bullish rally is showing signs of exhaustion. The once sharp and consistent incline on the graph has gradually flattened and even started its descent, demonstrating the temporary nature of hype-driven rallies. While partnerships and collaborations can provide an initial boost, they do not guarantee sustained growth. For a cryptocurrency to maintain its momentum, it needs a solid use case that can generate consistent demand and buying pressure. At present, LOOM seems to be lacking in this department. Without a clear and compelling use case, it is unlikely that LOOM will be able to continue its upward trajectory. Investors are…
The post XRP Bulls Hit Emergency Brake, But What’s Reason? appeared on BitcoinEthereumNews.com.
Arman Shirinyan LOOM’s massive partnership launched it to sky, but will rally hold? Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. When news broke out about Loom joining hands with Atlassian, the excitement was palpable. A collaboration with such a major player in the team collaboration software space was a major boon for Loom. The deal, which was reportedly valued at a staggering $975 million, set the crypto market buzzing. Investors rushed to buy LOOM tokens, resulting in a 510% surge in its price. The uptrend was remarkable, and for a while, LOOM was the star of the show, outperforming other cryptocurrencies in the top 30 range. Source: TradingView However, the chart tells a different story now. The initial euphoria seems to be fading, and the bullish rally is showing signs of exhaustion. The once sharp and consistent incline on the graph has gradually flattened and even started its descent, demonstrating the temporary nature of hype-driven rallies. While partnerships and collaborations can provide an initial boost, they do not guarantee sustained growth. For a cryptocurrency to maintain its momentum, it needs a solid use case that can generate consistent demand and buying pressure. At present, LOOM seems to be lacking in this department. Without a clear and compelling use case, it is unlikely that LOOM will be able to continue its upward trajectory. Investors are…
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