Highlights
- HOT/USD is gently pointing down, as seen in the very short-term picture
- NFTs arrive on Holochain
The $0.025 and $0.032 resistance seems to be a real struggle for the bulls, while Holo (HOT) has been on the sidelines since April 6. HOT/USD is gently pointing down, as seen in the very short-term picture, framing a negative profile. Technically, the HOT price could consolidate for a while as the downward sloping RSI is hovering at the mid 50 reading, suggesting possible consolidation.
Holo (HOT) has a present market cap of $3.12 billion, with $690 million in trade volume over the past 24 hours. As of press time, HOT was trading at $0.017, down by 11.62 in the last 24 hours and 17.13% weekly.
NFTs arrive on Holochain, a framework for developing DApps that does not require the use of blockchain technology. Expounding more on the new NFT offering, the Holochain team believes Holochain NFTs could unlock massive new opportunities for the NFT marketplace with greater efficiency, lower cost, and accountability. While also stating that with Holochain, the functions of payment, ownership, storage could all be integrated into one stack, unlike Blockchain NFTs.
HOT/USD Daily Chart: Ranging
Holo (HOT) has been in a downward move after reaching all-time highs of $0.032 on April 5. Buyers call for a sustainable move above the $0.0255 – $0.0321 zone, where the descending trendline resistances reside, triggering the next bullish phase. HOT bullish advance to $0.0255 on April 15 was cut short owing to the trendline resistance.
In the case of Holo (HOT) breaking the resistance of the $0.025 level, the HOT/USD pair could retest the resistance at the record high of $0.032 before entering uncharted waters. An advance beyond the record high could see HOT rally to the next targets at $0.033 and $0.040.
On the other hand, further declines would most likely look for support at the minor ascending trendline at $0.016, where the prior day’s decline was stalled. A break of this is expected to drive the HOT price towards the $0.009 – $0.014 area, with the MA 50 ($0.011) likely capping extra downside pressure here.
In the meantime, a rebound off the ascending trendline support could keep the HOT/USD pair trading sideways in the downtrend starting from the $0.032 high on April 5 except on a strong upside move.
- Supply Levels: $0.032, $0.025, $0.021
- Demand Levels: $0.016, $0.013, $0.011
Summarizing, a strong rally above $0.025 would revive the uptrend, switching the outlook to bullish. Simultaneously, a decisive close below the ascending trendline support would signal the start of a larger downtrend.
