- HOT remains in sideways trading between $0.0135 and $0.018
- Holo expounds global adoption strategy
Holo’s (HOT) price seems firmer after rebounding off the downside at a low of $0.0094 on April 23. HOT, however, remains in range between $0.0135 and $0.0180 during the last four trading days. The flat RSI on the daily chart is indicative of no clear direction in the market. A sustained move higher on HOT/USD past $0.0180 would open the way to target the key $0.0250 level, which would result in a shift to a bullish phase.
HOT has a current market cap of $2.7 billion, with $356 billion in trade volume over the past 24 hours. At the time of writing, HOT was trading at $0.015, up 4.35% on the day. After weeks of decline since April 5, HOT managed to tread towards a positive direction which is reflected in a 7-day gain of 28.65%.
In a medium blog post, Holo expounds on its global adoption strategy which it refers to as a long-term proposition. Listing out a six-point agenda, Holochain believes its long-term success is directly related to people building and hosting Holochain applications. Therefore, it aims to provide self-service access to developer materials while also contracting a security review team to provide the security audit of Holochain and Holo technology.
HOT/USD daily price chart: ranging
HOT wentdownside towards $0.009 on April 23, the lowest level reached since March 27 before a subsequent recovery past the MA 50 ($0.014). The flattened RSI hovering at the mid 50 is suggestive of possible consolidation or range trading. The inside day candlestick pattern on April 29 signals indecision among the bulls and bears.
Should the uncertainty resolve to the upside with the HOT/USD strengthening its positive momentum, the next resistance could come around the $0.018 barrier. A break above this level would drive HOT/USD until the $0.020 and $0.026 barrier ahead of the all-time highs of $0.032.
Above the record highs, the next target in the uncharted territory could come in at the $0.040 psychological level. However, if traders are unable to send HOT/USD higher in the next few sessions, the risk would shift back to the downside on a breach below the MA 50 at $0.014. The $0.009 mark, which coincides with the slight ascending trendline support, is a more difficult barrier to overcome, and if breached, could cause a more violent sell-off, turning the short-term picture from neutral to bearish.
- Supply Levels: $0.0321, $0.0250, $0.0194
- Demand Levels: $0.0138, $0.0115, $0.0094
All in all, HOT/USD is turning marginally higher in the very short term, however, the pair has been lacking direction over the last few sessions.