Price Analysis

HOT Price Analysis: Targets Breakout Past All-Time High at $0.011

Written by: Tomiwabold Olajide

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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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Mar 27, 2021

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Holo (HOT) preserved its bullish momentum amid the cryptocurrency market declines and was last seen tackling the key resistance at $0.0117.

*The HOT/USD pair is testing resistance at $0.0117 after finding support from the $0.066 level earlier this week
*Dip-buying to remain favored while the price action stays above $0.08 support
*Holo advances toward P2P web3

Holo (HOT) consolidated briefly after attaining highs of $0.0108 before resuming the uptrend. It targets breakout past its recent all-time high at $0.0117 as sentiment in the broader cryptocurrency market is starting to improve. The HOT/USD pair is testing resistance at $0.0117 after finding support from the $0.0066 level earlier this week. The RSI dipping from overbought levels warns of headwinds at $0.011 and possible consolidation on HOT before bulls continue. Dip-buying to remain favored while the price action stays above $0.008 support. If the price manages to regain a foothold above the level of $0.011, the pair may start a corrective rise to $0.015 or higher. HOT market valuation stands at $1.64 billion with a 24-hour trading volume of $1.19 billion.

Holo Advances Toward P2P Web

In a big step forward for the P2P web, Holo Limited was granted a US patent for the rrDHT networking innovations within Holochain. rrDHT is a peer-to-peer networking design implemented in Holochain that describes a system of nodes communicating according to a relaxed, agent-centric distributed hash table.
Holo (HOT) is a peer-to-peer distributed platform for hosting decentralized applications built using Holochain, a framework for developing DApps that does not require the use of blockchain technology. HOT rose to new all-time highs of $0.0117 on Mar. 27.

HOT Daily Chart: Bullish

HOT Price Analysis
HOT/USD Daily Chart

HOT has seen a price rejection, most likely driven by profit-taking. The pair lost its traction after approaching the resistance at $0.0117 as the Relative Strength Index (RSI) indicator on the daily chart rose above 75 to show overbought conditions. A possible consolidation between the range of $0.0062 to $0.0093 might ensue before the bulls continue.

A Bullish continuation may mean a retest of resistance at $0.0108 and $0.0117 before the next leg of the uptrend with a target objective of $0.015 resumes. On the other hand, sellers could have a difficult time bringing the price down to the key $0.0055 area with several strong support areas forming before it. If the pair breaks the support line formed at $0.0055, bearish traders could target the MA 50 at $0.0038.

HOT 4-Hour Chart: Bullish

HOT Price Analysis
HOT/USD 4-Hour Chart

At the time of writing the analysis, the HOT/USD pair is testing the support at $0.0094. In case this support level is breached, then the sell-off would gain momentum and we would probably witness prices dip to the $0.008 range. Given an earlier breakout above the MA 50 at $0.0080, bearish traders are likely to continue to drive the HOT/USD pair lower to retest support at this level.

If the HOT/USD pair trades below the MA 50, sellers may test the $0.0066 and $0.0056 support levels. If the support at the $0.0094 manages to resist the sellers’ pressure, a corrective move could occur, taking the price back to a test of the all-time high at $0.01177.A sustained breakout above the $0.0117 level and the HOT/USD pair could head towards the $0.015 level.

Key Levels
Resistance Levels: $0.0250, $0.0200, $0.0117
Support levels: $0.0091, $0.0085, $0.0080

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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