Bitcoin
BTC$23 380.70

0.17%

Ethereum
ETH$1 869.86

1.61%

Tether
USDT$0.999993

-0.01%

USD Coin
USDC$1.000029

0%

Binance Coin
BNB$303.57

-0.72%

XRP
XRP$0.378670

0.61%

Holo (HOT): The Uptrend is Hanging In the Balance


October 2020

After the market meltdown in March had taken Holo (HOT) to the all-time low at $0.00022, the token that represents the blockchain platform for dApps with an interesting consensus-reaching mechanism has had the strongest and the most prolonged bull rally in months.

1-week HOT/USDT chart

This rally led to the price breaking out of the downward channel that was marking the confines of the downtrend that guaranteed the increased interest from the buyers, which, in turn, entailed another five weeks of uninterrupted bullish price action. However, the gradually decreasing trading volume should have warned traders that the buyers don’t have enough strength to carry the price to the psychological level at $0.0012, which could have been a good price target in a fledgling uptrend, and that the upward price flow was about to reverse.

Is HOT going back inside the falling channel?


Holo began retracing in the middle of August from the price level at $0.00094. At first, it appeared as another shallow retracement before the continuation of the uptrend, but then came the September selloff, which caused HOT to lose 55.6% of its USDT value in just 49 days.

But what’s fascinating about the recent developments in this market is how well the buyers were able to hold onto the support provided by the upper line of the falling channel, which allowed to preserve the bullish outlook for this market on the macro level.

Obviously, it is of immense importance for the buyers to keep the price above $0.0005, even if it would be in the form of consolidation. This scenario is supported by RSI, which follows the price action without visible divergences, since it appears to have bounced off the support line right at the edge of the oversold area in sync with the price that got the 9% bump to the upside in the past 24 hours.

On this time frame, we have picked out four crucial levels of price interaction that will determine the future developments in this market.

To summarize, HOT still holds the promise of uptrend continuation, but first, it needs to pull itself away from the upper channel line. Watch out for the engulfing bullish candle to enter a long trade.

Author: Alex Paulson for Crypto-Rating.com

Related

Holo (HOT) Is Close to the Break-Even Zone
Holo (HOT) Is Close to the Break-Even Zone
Holo (HOT) Makes a Strenuous Effort Going to the Upside
Holo (HOT) Makes a Strenuous Effort Going to the Upside
Holo’s Rally Still Shows Uncertainty
Holo’s Rally Still Shows Uncertainty
Holo (HOT) Price Prediction for December 2019
Holo (HOT) Price Prediction for December 2019

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 90% 11 $23 380.70 0.17% -3.40% $447 157 628 342 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 72% 57 $1 869.86 1.61% -1.45% $228 155 524 371 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92% 1 $0.999993 -0.01% -0.04% $67 548 986 277 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 93.6% 1 $1.000029 0% 0% $52 886 639 732 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 68% 63 $303.57 -0.72% -6.93% $48 976 512 442 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 90.8% 10 $0.378670 0.61% -0.53% $18 697 813 591 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 93.2% 1 $1.000243 0.01% 0.03% $18 378 237 848 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 82% 27 $0.530629 -1.09% -0.83% $17 902 912 179 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 82% 35 $41.02 1.30% -5.16% $14 308 783 900 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 82.8% 29 $0.077728 -3.21% 8.84% $10 312 196 275 DOGE 7 days price change
11 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
12 HEX (HEX) HEX HEX predictions 65.2% 66 $0.055595 -5.79% -7.70% $9 640 858 436 HEX 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 72.8% 55 $8.41 -0.02% -9.45% $9 324 984 454 DOT 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 76.8% 43 $0.000014 -3.43% 14.71% $7 823 746 490 SHIB 7 days price change
15 Avalanche (AVAX) AVAX Avalanche predictions 69.6% 62 $25.38 -1.16% -12.36% $7 233 452 158 AVAX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.