HOT Technical Analysis: Price Took Support After Facing Resistance at $0.01207

Holo 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. Holo (HOT) was founded by Arthur Brock and Eric Harris-Braun, both are experienced contract coders. According to its “green paper,” Holo is designed to act as a bridge between Holochain and everyday users.

Let us look at the technical analysis of HOT.

Past Performance

HOT opened at $0.009283 on October 25, 2021. The price chart was highly volatile during the past week. Its price on October 31, 2021, ended with a close at $0.01403. The weekly change was 51.13%. The current 24-hr low is $0.01033 and the 24-hr high is $0.01463.

Source: https://www.tradingview.com/x/O8vhKa8U/

HOT Technical Analysis

The HOT price increased parabolically during the past week. The price took support on October 24, 2021, to start an increase till it hit the resistance at $0.0121. The next day, a sudden drop was seen on October 28, 2021, where it took support at the previous resistance of $0.01019. Currently, HOT is trading 3.11% below the previous day’s close at $0.013576.

OBV is showing a dip at the end of the graph. This means that the buying volumes are lower than the selling volumes, putting pressure on the price to decrease.

RSI is still above the 70 mark at 72.53. As it is in the overbought region and continuously declining, it is a negative signal for change in the price. The traders may be alert here.

MACD is confirming the parabolic increase in the price over the last week. This can be seen in the fast line’s sudden increase in its slope, while the bars in the histogram have increased in height.

Day-Ahead and Tomorrow

Fib Retracement shows that the HOT price chart took support around the Fibonacci pivot at $0.0105 when it faced resistance at $0.01207.

Hence, two out of three oscillators are showing more probability for the price to go down. This can be taken as a signal for traders to take a short position while keeping a stop-loss at $0.0116. However, the uptrend in the price may continue as well.

   
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