Holo Price Follow Up 11: That Scary Bearish Consolidation Flashes Again

Holo Price Follow Up 11: That Scary Bearish Consolidation Flashes Again
Image by Sarah McFadden from Pixabay

Yerevan (CoinChapter.com) — Holo (HOT) prices slipped Monday much in line with the rest of the cryptocurrency market, showing traders’ lack of conviction about a decisive upside/downside trend.

The HOT/USDT exchange rate declined by more than 2.5 percent, hitting an intraday low of $0.0087 in the early New York session. The move marked yet another day of sideways choppiness wherein Holo traded flat inside a strict trading range, as shown in the chart below.

Holo avoids Channel breakout
Holo avoids Channel breakout. Source: HOTUSDT on TradingView.com

That is, Holo’s third sideways choppy range near a descending trendline resistance constitutes a Falling Channel pattern.

The HOT/USD exchange rate jumps every time after testing the Channel’s lower trendline and approaches the upper trendline for a breakout. Nevertheless, the upside momentum starts faltering near the make-or-break level. Traders wait for confirmation, which leads to small consolidation moves. And eventually, bears overtake bulls by crashing the prices back towards the lower trendline support.

Applying the previous two breakdown theories on the third one suggests that HOT/USD would undergo another downside correction. If the pair does, it will risk crashing by as much as 25 percent to hit the Channel’s support. If not, the prices would breakout to the upside to test previous support levels as interim bullish targets: at $0.011, $0.013, $0.016, $0.021, and so on.

Read more: Holo (HOT) Follow Up 10: Bears Taking Charge to Crash Prices By 25%

A continuous sell-off below the Channel support trendline risks crashing the Holo token towards $0.004, $0.003, $0.002, and $0.001.

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