Holochain tested its durability using Elemental Chat, while HOT eyes a 195% gain in 2022

holochain tested its durability using Elemental Chat
image from medium.com

Key Takeaways:

  • Holochain project initiated an alphaNet testing, to discover possible bugs and fix them.
  • Its native token HOT corrected in the past week, but flashed bullish Pennants on the four-hour and weekly charts.

YEREVAN (CoinChapter.com) – HOT traded at 0.014 USDT, and formed Pennants on the charts, while Holochain, an open-source project for app building, underwent a network test. The test helped identify troubled areas of the service logger infrastructure with the help of Elemental Chat, an app that exposes bugs and performance bottlenecks on Holochain.

The company tweeted the results in a thread on Nov 7, saying it invited over 450 testers to help identify bugs on the network and fix them.

According to Holochain, the team identified and cleared several imperfections.

It was a super helpful test in that it assisted us to find a bottleneck in the Holo service logger infrastructure. We also identified a needed change for the Elemental Chat app that is only possible now because of the improvements made to Holochain which allow for better and better app architecture.

commented the Network.

In hindsight, Holochain initiated the testing on AlphaNet, one of its three separate networks. The “alpha release of the production-ready Holo network” coexists with FlexNet and DevNet. The former is responsible for bug fixes that want to be promoted to the alphaNet but need pre-release testing. DevNet is the internal Holo team network for daily use.

Also read: HOT jumps 34% amid crucial Holochain ecosystem developments

While Holochain underwent a significant testing event, its native token HOT did not exhibit a distinctive bias throughout the week. The digital asset reached a seven-month high of 0.016 USDT on Nov 4 but corrected in consecutive sessions. However, the charts look optimistic.

HOT technicals look optimistic

Despite the setback, HOT flashed bullish patterns on both the 4-hour chart and the weekly chart. On a smaller scale, HOT formed a bullish Pennant that foresees gains for the asset in the near future. The Pennant consists of two converging trendlines that envelop the price action, preventing breaks in either direction.

When HOT exhausts the pattern, it could adopt a bullish sentiment and initiate a new leg up towards $0.020. The Pennant median also proved its significance throughout the week, acting as both support and resistance. The digital asset mainly charted close to its 20-day exponential moving average (EMA-20; blue wave), seeking assistance.

HOT 4-hour chart shows a bullish Pennant.
The HOT 4-hour chart shows a bullish Pennant. Source: HOTUSDT on TradingView.com

Also read: Loopring pumps 40% as LRC demand soars amid rising Ethereum gas fees

Zooming out, Holochain’s one week chart also looked strong, painting another Pennant. It could take HOT up 195% in 2022. The target Holochain price stood at 0.043 USDT, which could happen in Q1-Q2 2022.

HOT price broke out of the pennant in late October, then corrected in the following weeks. However, if the digital asset makes it past the 0.014 USDT line (the median of 4-hour Pennant), it could comply with the prediction.

Holochain Price weekly chart.
Holochain weekly chart. Source: HOTUSDT on TradingView.com

Given the successful testing on the alphaNet and the bullish technicals, the Holochain prognosis looks optimistic.

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