HOT Spikes Over 39% WTD As Holochain Upgrades To Beta Network

Holochain native token HOT spiked over 30% week to day
Holo Network native token HOT spiked over 30% in the last five days

Key Takeaways:

  1. HOT price rose 30% since March 27, but the token is moving inside a bearish pattern.
  2. The token likely reacted to Holochain’s Beta upgrade.

NEW DELHI (CoinChapter.com) — HOT, the native token of Holochain, spiked over 39% since March 27 to form a daily high at $0.00231 on March 31. The token likely took bullish cues from the launch of the Holochain Beta upgrade.

After dropping 4.9% on March 27, the Holochain token started a bull run that saw the token reach a high of $0.00231 before bears pared gains. On March 31, HOT price spiked 21% from the day’s low of $0.00191 as bulls and bears struggled to gain control.

Moreover, the uptrend resulted in the HOT token’s 50-day EMA (purple wave) moving close to crossing over the 100-day EMA (blue wave), poised to form a technical pattern called the golden cross. Traders consider the pattern an indicator of positive market sentiment and a buy signal.

Furthermore, the momentum oscillator MACD forecasts bullish signals for the Holochain token. Positive bars on the MACD histogram are expanding, suggesting that the MACD line is moving away from the MACD signal line.

HOTUSD daily chart with MACD and potential golden chart
HOTUSD daily chart with MACD and a potential golden chart. Source: Tradingview.com

As such, the Holochain token might rise to resistance near $0.0023. However, a break and hold above immediate resistance might help HOT price target resistance near $0.0025 before downside corrections pare gains.

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However, long upper wicks on the recent daily candles highlight the bearish pressure against the token. As a result, the HOT price might drop to the 200-day EMA (green wave) support near $0.00205.

Breaching the immediate support level might result in the token falling to test the 20-day EMA (red wave) and 50-day EMA (purple wave) support confluence near $0.00186 before recovering.

Furthermore, HOT price has formed a bearish pattern.

Holochain Price Faces Bearish Risks From A Technical Pattern

The Holochain token price is moving inside a bearish pattern called the rising wedge. In detail, two up-sloping converging trend lines that connect a price series’s respective highs and lows form a rising wedge pattern. A bearish pattern can be a continuation or a reversal pattern.

HOT price are moving inside a bearish pattern with a -55.5% price target
HOT price is moving inside a bearish pattern with a -55.5% price target. Source: Tradingview.com

Unfortunately, HOT’s rising wedge is a reversal pattern, sloping up with the prevailing trends. The price target of the pattern is equal to the height of the back of the wedge. Hence, the HOT price might drop to $0.00092 once the token confirms the pattern, falling 55.5%.

Holochain Upgrades To Beta

Holo Network announced the launch of the Beta version, marking a step in Phase 3 of the Holochain roadmap. The network stated that developers had completed hosting invoices and payments and Holofuel Countersigning, along with the upgrade to Holochain Beta.

Moreover, the announcement shared that testing was ongoing for the new upgrades.

Holochain roadmap
Holochain roadmap

The Beta upgrade would introduce new features to enhance the security and reliability of the blockchain. Furthermore, the upgrades aim to better network information and improve user experience. The latest upgrade includes the first release of the HoloFuel app on the Alpha network.

Holochain will release the Beta 0.2.0 version on April 27.

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