Crypto News

Holo (HOT) Follow Up 09: 50% Rise Expected Even After Bullish Wedge Invalidation

Holo, Holo (HOT) Follow Up 09: 50% Rise Expected Even After Bullish Wedge Invalidation
Image by PublicDomainPictures from Pixabay

Yerevan (CoinChapter.com) — Holo (HOT) failed to utilize its falling wedge pattern for a bullish breakout move, but the altcoin is still eyeing a 50 percent upside in the sessions ahead.

In retrospect, CoinChapter.com earlier showed HOT/USDT trading inside a Falling Wedge structure, a technical pattern that statistically results in the price breakout to the upside. Nevertheless, bearish bias among the top-cap cryptocurrencies, including Bitcoin and Ethereum, kept small-cap tokens from pursuing upside levels.

Therefore, Holo, which was trading 1,800 percent higher year-to-date, became an ideal scapegoat to offset losses incurred from other tokens.

Read more: Holo (HOT) Follow Up 08: Even Elon Musk Couldn’t Crash It

The HOT/USDT rate plunged twice towards $0.004, only to find bulls buying the dip to push the price upwards. On Tuesday morning, the pair’s bid reached an intraday high of $0.008, almost double its bottom level.

Holo rebounds off a falling trendline support
Holo rebounds off a falling trendline support. Source: HOTUSDT on TradingView.com

The rebound move appeared after Holo located confluence support at the 200-day simple moving average (the orange wave) and a descending trendline that constituted a Falling Channel pattern.

Read more: Holo (HOT) Follow Up 07: Price Rebounds as Bullish Indicator Battles Bearish One

That left the HOT/USD rate with a likelihood of continuing its uptrend to test the Channel’s upper trendline as resistance. Meanwhile, it also enabled the pair to test intermediate upside levels near $0.010, the 50-day simple moving average (the blue wave), and the 20-day exponential moving average (the green wave) as primary bullish targets — ideal for long positions.

Holo Bearish Take

The worst case scenario is that Holo breaks the Channel support to the downside and retests $0.004 for a bearish breakout. The price would risk falling to $0.003 as its intermediate bearish target. The same level served as resistance during the February-March session’s uptrend.

A further breakdown would shift the downside target to $0.002. The level was support during the March session.

How useful was this post?

Click on a star to rate it!

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including CoinChapter, NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related "Altcoin" News