Holo coin price gained 10% after Holochain opened Elemental Chat to the public

Holochain Elemental chat
image from medium.com

Key Takeaways:

  • App-building project Holochain opened Elemental Chat to the public.
  • Holochain coin price gained 10% but flashed conflicting technicals on the low and high time frame charts.

YEREVAN (CoinChapter.com) – Holo (HOT) coin, the native token of Holochain, an open-source project for app building, defied the ongoing bearish cryptocurrency market sentiment and gained 10% in the Asian-Pacific session Friday. The HOT/USDT exchange rate stood at 0.0127. The uptrend came in the wake of a tweet announcing the “new and improved” Elemental Chat app, open to the public after testing.

In hindsight, Elemental Chat is a prototype Holochain app, which the Network put up for testing a week ago, as CoinChapter covered in the previous report. Holochain invited peers to join the testing and, as of Friday, counted over 1,400 people “currently using it.”

In detail, Elemental Chat is a proof-of-concept app representing a “successful end-to-end infrastructure test” on the Holochain Network. Practically, it means that the Holochain Network put forth the Elemental Chat to test out whether their services work by selecting key features of focus and success criteria.

Also read: Holochain tested its durability using Elemental Chat, while HOT eyes a 195% gain in 2022

As mentioned, Elemental Chat is open to the public after successful testing, and it gave HOT a boost, pumping the price 10%. However, the digital asset’s charts looked conflicting.

Holo coin low and high time frame charts

Holochain’s token price looked bearish on the four-hour chart, despite the recent green candle. The digital asset traded in a Descending Channel, which the latest uptrend did not yet break. The pattern consists of two parallel trendlines enclosing the price action and driving it down as the formation progresses.

Holochain (HOT) coin in a Descending Channel.
Holochain (HOT) in a Descending Channel. Source: HOTUSDT on TradingView.com

The Channel itself does not imply a future bias for the holo token. However, it is instrumental in determining the short-term price fluctuation.

Also read: HOT jumps 34% amid crucial Holochain ecosystem developments

If HOT keeps up the bullish sentiment, it could put on another 3.6%, reach the upper trendline, and possibly break out. On the other hand, if the digital asset retests the trendline as resistance again, it could see a 16% decline.

However, the high time frame sentiment still looks bullish and compliant with CoinChapter’s previous prediction.

Holochain price weekly chart with a bullish Pennant.
Holochain price weekly chart with a bullish Pennant. Source: HOTUSDT on TradingView.com

The digital asset traded in a bullish Pennant since Feb 2021 and broke out of it in late October. The Pennant consisted of two converging trendlines, and the ascending one remained instrumental for the past two weeks of decline. HOT could retest a confluence of support from the Pennant’s lower trendline and the 0.011 USDT bar before a new leg up.

The Pennant targeted the HOT price at 0.043 USDT in early 2022.

How useful was this post?

Click on a star to rate it!

Related Articles

Our Partners

SwapCoin.com RapidCoin.com ChangeNOW.com Paybis.com