Holochain token (HOT) holds on to a rebound level amid fundamental growth

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Key Takeaways:

• HOT token of Holochain, an open-source project for app building, took a 41% hit month-to-date.
• The Network is updating its holoPort Registration Usability, along with other developments in “phase 3.”

YEREVAN (CoinChapter.com) – Holochain token HOT price fell drastically, and dove 41% month-to-date, along with the rest of the crypto market. HOT/USD exchange rate stood at $0.0044 on Jan 25.

Holochain Token Daily Price Chart

Holochain price action moved sideways for the previous four days, as Bitcoin (BTC) stalled its downfall around $36,000. HOT token hung on to the $0.0044 level, which supported the digital asset on multiple occasions throughout 2021.

If it rebounds from 0.0044, HOT could retest a resistance trendline, that has been significant since late November. If Holo token loses the said support, it might retrace back to $0.0038 in hopes of a rebound.

Furthermore, the token’s relative strength index (RSI; the purple graph on the chart above) fell below 30, which indicates an oversold territory. In detail, the RSI is a momentum indicator, that reflects the traders’ expectations of the asset. When the indicator falls below 30, it means that many market participants perceive the price as ‘lower than fair.’

Also read: Holo coin price gained 10% after Holochain opened Elemental Chat to the public.

The oversold RSI often indicates an uptrend ahead, as traders could choose to ‘buy the dip’ pumping the price in the process. However, the RSI alone is not enough to determine the future price vector. Additionally, the Holo token price depends on the developments on the platform.

HoloPort Registration Usability Update

In detail, Holochain is an open-source framework for developing microservices that run peer-to-peer applications entirely on end-user devices without central servers. The platform announced, that it is in the middle of “phase 3” development. It includes over 20 milestones, along with the HoloPort Registration Usability update.

What is HoloPort?

The HoloPort is a plug-and-play device built for hosting Holochain apps to service mainstream web users. According to the Network, it “needs Internet service, but it does not need to be connected to a computer.” As Holochain announced on Jan 22, it is working towards reaching the HoloPort Registration Update milestone.

Also read: Bitcoin (BTC) ended the bull cycle? MVRV might have the answer.

Moreover, the announcement specified, that the update will enable the new Holochain-based secure identities. Additionally, the registration process will become more “extensible” for everyone involved.

This work will revise the current HoloPort Registration process, adding in critical steps for security as well as making the process more extensible for both our operations team and for the hosts who are registering. Additionally, this will specifically set us up to build other features required for beta like multi-port registration and identity verification.

said the team.

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