Key Takeaways:
- Holochain native token HOT saw its prices drop over 15% from its March high.
- The next stage in the Holochain Beta upgrade will release soon.
NEW DELHI (CoinChapter.com) — HOT, the native token of Holochain, dropped more than 15% from its March high of $0.002355 to form a daily low of $0.001995 on April 11. On the other hand, bears seem to defend the 200-day EMA (green wave) resistance near $0.002058.
HOT price dropped nearly 2% during trading on April 11 after exhausting a two-day-long minor rally. Furthermore, the Holochain token has formed high highs since March, rebounding off a multi-week ascending trendline support.
If the Holochain token price repeats the pattern, HOT might form a new multi-month high before exhausting the uptrend.
Moreover, the momentum oscillator MACD forecasted bullish momentum for Holochain. Positive bars on the MACD histogram are expanding, suggesting the MACD line (difference between 12-day and 26-day EMA) is moving away from the MACD signal line (9-day EMA of MACD).
If the Holochain token rises again, the HOT price will likely target the 200-day EMA (green wave) resistance near $0.002058. Moreover, breaking and consolidating above the immediate resistance might help HOT price target resistance near $0.00225 before downside corrections pare gains.
However, increased bearish pressure could force the Holochain token price to test the support confluence of the 20-day EMA (red wave), 50-day EMA (purple wave), 100-day EMA (blue wave), and the ascending trendline support near $0.00193.
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Breaching the key support level might force the HOT price to drop to support near $0.00179 before recovering.
Meanwhile, the relative strength index for HOT remains neutral, with a value of 55.54 on the daily timeframe.
Upgrade To Holochain Beta Arriving Soon
Holo Network announced the launch of the Beta version, marking a step in Phase 3 of the Holochain roadmap. In addition, the network stated that developers had completed hosting invoices, payments, Holofuel Countersigning, and the Holochain Beta upgrade.
The blockchain platform will launch the release candidate for the Beta upgrade on April 13 before the planned release on April 27. In detail, a release candidate is the pre-release version of a product that might become the final stable release.
