Highlights
- Holo (HOT) price surge continues amid progressive web application
- HOT/USD sustains upward trajectory hitting fresh all-time highs of $0.029
The entire Altcoin market is reacting to the sentiment surrounding some key projects that are capable of rekindling positive momentum in the digital space. The search continues for better platforms to host decentralized applications asides from Ethereum, but some alternative solutions such as Holo (HOT) are piquing investors’ interest. The current HOT/USD spot price is up 153% in 7 days. The token has a current total value of $4.46 billion, with $2.71 billion in trade volume over the past 24 hours.
Holochain believes in creating an ecosystem of decentralized apps with distributed, user-controlled storage. It touts the advantage of being cheaper, faster, better than blockchain. In a big step forward for the P2P web, Holo Limited was recently granted a US patent. It stated ‘ there’s a need for secure and private communication with closed pockets of friends and groups. That’s what we are building in Holochain: a progressive web application.’
HOT/USD Daily Chart: Bullish
The Holo (HOT) crept over the all-time high of $0.029 during the session and is headed for the next high level. The path of least resistance is the upside, which happens to be the extension of $0.029 towards $0.032 levels in the near term. The sturdy advancing relative strength index (RSI) at overbought still has more room to reach the reading at 100 while defending the bullish structure as the positive sentiment appears to be picking up.
The moving average lines (MA 50 and 200) on the daily chart are far below price signifying near-term correction is imminent, yet endorsing positive momentum in the near term. The MA’s are yet to signal any clear waning in bullish price performance. To the upside, resistance could originate from the $0.032 horizontal barrier. If buying interest persists, and the price overcomes this barrier, the $0.040 handle and the $0.050 mark respectively could then provide the next constraints impeding further appreciation.
If sellers retake control and steer the price down, downside friction could arise from the bearish red candle high at $0.019 and next at horizontal support at $0.013 ahead of the critical support section and lift-off zone of Mar. 27, 2021, reinforced by the moving average (MA 50). A more profound retraction in the token could then challenge the moving average (MA 200)around $0.025 before the trough at $0.020 steps into the picture.
Supply Levels: $0.040 $0.032, $0.029
Demand Levels: $0.025, $0.019, $0.013
To sum up, HOT/USD bears seem unable to dethrone the bullish tone, and the more than one-week ascent remains intact above the $0.025 horizontal line and the $0.019 trough.
