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Price Analysis

HOT Price Analysis: Bulls Lose Steam After Corrective Move

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.

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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/USD Daily Chart

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/USD 4-Hour Chart

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.

Key Levels
Resistance Levels: $0.0250, $0.0125, $0.0194
Support levels: $0.0154, $0.0138, $0.0115

Image Credit: Tradingview

Note: coinpedia.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event.

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Tomiwabold Olajide

Tomiwabold is a currency trader and cryptocurrency analyst. A technical analyst, as well as an experienced fund manager, he has also co-authored several books on Forex trading. Tomiwabold pays great attention to cryptocurrency research, conducting a comprehensive price analysis and exchanging predictions of estimated market trends. He studied at the University of Lagos, Lagos.

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