Key Holo outlook
- Holo remains stuck inside a srict trading range under Bitcoin’s influence.
- Following intra-range strategy appears like the best profitable bet for now.
YEREVAN (CoinChapter.com) — Holo’s native token HOT has gone back and forth during their daily trading sessions since June 22, and its interim price moves are showing no concrete bias either.
Related: Holo Price Follow Up 15: Mini bullish breakout appears despite bearish cross fears
The HOT/USD exchange rate continues to trade in a range defined by $0.0054 as support and $0.0063 as resistance. That is when the pair has been trending lower inside a parallel descending channel, now testing its upper trendline for a potential bearish pullback with a profit target sitting at least 30% below. Here’s how the setup looks:
The chart above also shows that traders are yawning through Holo’s consolidation setup, with criminally lower daily trade volumes. As a result, the HOT/USDT market appears at a standstill, with no concrete bias conflict to reflect on daily charts.
What to do next?
Traders having a higher risk appetite could place bets on breakout targets in anticipations that Holo would escape from the $0.0054-0.0063 consolidation range. Meanwhile, those having a lower need for risks could stick to the intra-range strategy to maximize the limited trading area.
That said, on the subsequent retest of $0.0054, traders could enter a long position with an interim upside target near $0.0063. Similarly, a pullback from $0.0063 could have traders open a short entry towards $0.0054. In either case, one could maintain a stop loss against the direction of their trade to minimize their losses should the bias flip.
Adventurous bulls could extend their long target to $0.0066, the high from June 29. Conversely, for bears, the primary short target below $0.0054 appears at $0.0052, the lowest the Holo price has even been since June 23.
Related: Holo Price Follow Up 14: HOT rebounds 37.67% but sticks to its bearish outlook
Holo’s interim bias also depends on Bitcoin, the flagship cryptocurrency that majorly influences trends across altcoins. Holo, too, has tailed Bitcoin trends religiously. For instance, its consolidation move coincides with Bitcoin’s rangebound price fluctuations between $30,000 and $35,000.
Therefore, much of Holo’s interim and medium-term bias relies on how Bitcoin performs in the coming sessions. For now, the BTC/USD exchange rate is firm around $33,000, but many analysts expect it to run towards $40,000 as on-chain indicators signal accumulation.
“Supply continues to be re-accumulated by entities with little history of selling, this has vamped up heavily,” noted independent market analyst Will Clemente. “Exchange flows have [also] returned to a clear trend of accumulation, down -17,794 BTC.”
Related: Blow to Bitcoin bears as daily exchange inflow drops to yearly low
Upside or downside, Holo remains in a bias conflict. Its breakout can appear anytime out of the blue, in the middle of the night.
