The HOT price continues trading higher today following a surge of nearly 125% in the last 7 days to a fresh all-time high at $0.0215 as bulls continue to dominate its price action.
*HOT/USD rallied to a fresh high in the prior session and stopped just shy of the $0.0215 level
*Holo closed to a 3-day high at $0.0176 and rebounded today from its support at $0.0154
*Holochain explained that the most pressing reason it filed for a software patent is troll protection
At Holo’s third consecutive bullish session, HOT/USD rallied to a fresh high in the prior session and stopped just shy of the $0.0215 level. Holo (HOT) closed to a 3-day high at $0.0176 and rebounded today from its support at $0.0154 and while not quite testing the $0.0215 target, the upside potential from current levels appears limited until HOT breaks to new cycle highs. However, the price should consolidate as bulls lost steam after a corrective move amid downside risk. The market cap is ranked 40th on the Coinmarketcap table and currently stands at $2.93 billion, with $1.95 billion in trade volume over the past 24 hours.
Holochain Unpacks the Technology Behind Secure P2P Networking Plan
In a blog post titled ‘How rrDHT Works: A Tech Deep Dive’, Holochain explained that the most pressing reason it filed for a software patent is troll protection. It also highlighted its plan to build a revenue-generating business on Holochain tech which may become an attractive target for trolls. While stating specifically that the distributed hash table (DHT) was created to help to find a better way of holding shared memory that isn’t vulnerable to disruptions or bad actors. Holo limited was recently granted a US patent for the rrDHT networking innovations within Holochain which triggered off the recent rally.
HOT Daily Chart: Bullish
HOT made a strong bullish bounce at $0.0154. The HOT daily chart had a strong impulse up to highs of $0.0215. The strong impulse pushed the RSI to extremely overbought levels leading to a minor correction to lows of $0.0154 as at the time of writing. Sellers are likely to target the support level at $0.0138.
If the low levels provide support, Holo( HOT) could trade sideways above it and consolidate the drop. On the other hand, a failure of the low levels to provide support could result in HOT reaching the $0.0125 level and then $0.0250. Going forward the sideways trading could end with recovery. A potential recovery past the current price at $0.0174 could reach the prior highs at $0.0215.
HOT 4-Hour Chart: Ranging
HOT has come-off from yesterday’s high of $0.0213. HOT bulls are gradually losing grip causing the digital asset to drop to the $0.0172 range. This keeps the $0.0154-$0.0199 range intact. A fall to $0.0138 is possible while below $0.0154. However, under the $0.0138 level HOT can fall to $0.0115 if selling pressure intensifies. On the contrary, a potential upside reversal is brewing around the support at $0.0154.
The bulls will then try to resume the uptrend by pushing the price above $0.0206. If they succeed, the HOT/USD pair could start the next leg of the uptrend that may reach $0.0250 and then $0.0308. Summarizing, HOT remains above Tuesday’s bullish pin bar low. This still leaves the potential for an upside reversal, although further downside risks remain at current levels, going forward.
Resistance Levels: $0.0250, $0.0125, $0.0194
Support levels: $0.0154, $0.0138, $0.0115
Image Credit: Tradingview
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