trace – How to restrict the dynamic point LocatorPane to a LogLogPlot line?

LocatorPane is restricted to the plot[curve]:

LocatorPane[Dynamic[pt],
Plot[x^3, {x, 10^0, 10^2}, 
  Epilog -> {PointSize[Large],
Point[Dynamic[{First[pt], First[pt]^ 3}]]}], Appearance -> None]

enter the description of the image here

However, LocatorPane does not restrict LogLogPlot[line]:

LocatorPane[Dynamic[pt],
LogLogPlot[x^3, {x, 10^0, 10^2}, 
  Epilog -> {PointSize[Large],
Point[Dynamic[{First[pt], First[pt]^ 3}]]}], Appearance -> None]

enter the description of the image here

Anyone knows how to restrict the locator point, or better yet restrict the locator itself to a LogLogPlot line. If possible, you would like to add a horizontal slider below the graph to control the locator. Thanks for your time.