The crypto market in general has been coming out of a period of consolidation over the past few weeks. coins are rising, and Hollow Chain (Hot) is one of them. Actually, HOT has been one of the top performers of the last week. Here is what you need to know:
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The coin was up close to 10% in the last 24 hours
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HOT is also up almost 30% in the last 7 days.
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This uptrend is likely to continue in the coming weeks.
Data Source “Tradingview”
Why is Holo Chain (HOT) increasing?
The main reason why we saw an increase in HOT over the past few days was a new announcement on the ecosystem roadmap that makes the project huge. But at the same time, HOT has actually shown several bullish signals earlier.
For instance, it managed to cross the crucial overhead resistance area of $0.004. Also, the coin reached a monthly high at the beginning of the week. Bullish outlook still intact. In fact, we are watching to see if the bulls can push the price above $0.006.
If this happens, we could see decisive gains that could target $0.01 in the near term. This would represent an increase of 50% from the current price. But if the price breaks below $0.004, there could be more weakness.
Should you buy Holo (HOT)?
Holo bills itself as a peer-to-peer chain that hopes to provide a fast and reliable infrastructure for the deployment of decentralized apps. The project is also introducing new tools to help bridge the gap between decentralized systems and centralized systems.
The basics are actually quite good, and we’ve seen a lot of flexibility as far as HOT goes. In the long term, we expect the price outlook to remain positive and upbeat.