Crypto News

Holo Price Follow Up 14: HOT/USDT charts say it’s a “buy”

holo, Holo Price Follow Up 14: HOT/USDT charts say it’s a “buy”
Image by athree23 from Pixabay 
  • Recovery move post “James Bond” level couldn’t prevent a crash
  • After the selloff, buy signs have flashed again
  • Breaking back above the “James Bond” level is crucial

27% Crash

Along with other altcoins, Holo’s HOT token, too, faced the brunt of the widespread crypto market crash on Monday. Unfortunately, bulls couldn’t successfully carry out their recovery attempt above the “James Bond” level ($0.007 support).

And a near 27% crash in prices followed. As a result, the Chinese miners offload their Bitcoin and altcoin holdings to escape the government crackdown on crypto mining and trading.

Also Read: Are Chinese miners behind the latest Bitcoin price crash?

Efforts by buyers to prop up prices fell flat after the epic May crash, weakening sentiment around HOT. As a result, buying volumes have taken a big hit. But trend reversal signs have begun to appear again.

HOT/USDT Charts Scream “Buy”

The token pair has been trading in a descending channel after tapping the $0.03 top on April 6 this year. The daily chart shows a series of lower lows and lower highs printed within three months. Fortunately, the support near the $0.0048 price level has remained intact and signals overall exhaustion of bearish pressure.

holo, Holo Price Follow Up 14: HOT/USDT charts say it’s a “buy”
Holo’s HOT Token Sparks Bullish In Breakout Indication, Source: HOTUSDT on TradingView.com

Buyers have gathered to ramp up the upside momentum of the HOT/USDT trading pair. In an ideal scenario flipping the James Bond resistance level (marked by the 20-day exponential moving average line) into support would reinstate bullish sentiment.

Also Read: Holo Price Follow Up 13: Stuck near James Bond-level as crash woes grow.

While this is the daily chart situation, things on the 4-hour chart are already looking optimistic. Since the last couple of days, an ascending triangle formation, bullish crossover (blue wave overtaking the red wave) on the MACD (Moving Average Convergence Divergence) indicator, and a rising RSI indicator points to a breakout.

holo, Holo Price Follow Up 14: HOT/USDT charts say it’s a “buy”
Breakout Indications On the HOT/USDT 4-Hour Chart, Source: HOTUSDT on TradingView.com

If buyers manage to scale their way up past the 20-day EMA, the next dynamic resistance that lies near the 50-day MA will possibly become surmountable. Although, this would be possible only with two successive bullish candle formations (with higher lows) above the 20-day EMA.

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Himadri Saha

Himadri is an active investor in cryptocurrencies and upcoming blockchain technology projects. He has been a part of the digital asset space since 2017 and has held multiple positions as Social Media Manager, Assistant Editor, Sponsored Content Manager, Cryptocurrency Journalist roles in reputed news outlets like NewsBTC, Bitcoinist and CryptoPotato. He has also helped numerous blockchain projects gain prominence through terse and succinct marketing/technical content. Himadri comes with a marketing and engineering background, and has worked with reputed names such as GE Healthcare, Volvo Trucks and Polycom before moving into crypto.

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