Holo Token Price Boosts Almost 20% In A Day, Retest Completed

  • HOLO token price has been trading at $0.01593 with an up move of 12.92% in the last 24 hours.
  • The 24-hour volume in HOLO is at $611,458,412, with a 45.71% increase.
  • The HOLO/BTC pair was trading at 0.0000002918 BTC with a gain of 12.92%

HOLO token price is being traded at $0.01593 with a gain of 12.92% in the last 24-hour. HOLO token price has managed to sustain above the 50 EMA. However, the daily volume declines. The HOLO token price is expected to have completed the retest of the correction line breakout. HOLO coin is indicating that the bulls are overpowering bears, with the recently made bullish engulfing candlestick. The live market capitalization of the coin is $2,715,088,256.

 Parallel Channel opposes Retest

The candlestick chart of HOLO token price action at the 4-hour timeframe forecasts a downtrend under a parallel channel. According to price action, HOLO’s critical support level is $0.0065. At the same time, the price is holding near $0.0136. The breakout of the parallel channel will prove the retest completion of the double bottom breakout. 

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The increasing selling volume in the 4-hour timeframe indicates that bears are trying to control the trend. Low buying pressure in HOLO might drive its price back down.

EMA- (50,100,200) provides strong support in the coin. 100 EMA (green) provided strong support where the coin price performed a reversal to reinstate the uptrend. The price recently crossed over 50 EMA (yellow) in the daily timeframe. Investors may find the price sustained above the 50 EMA positively. Also, the 50 EMA is above the 200 EMA (white), indicating that the bulls are still in control in the daily timeframe.

The relative strength indicator (BULLISH), with a value of 53, indicates a buy signal in the coin. Also, the RSI slope did boost from 43 in the last 24 hours, with space to rise higher. 

ADX indicator, with a value of 24 in the 4-hour timeframe, is rebounding, indicating that the boost in trend momentum could be expected to over soon.

Conclusion

The breakout of the parallel channel with the boost of volume might continue the bull run further, but in a larger picture, the increase in selling volume along with the long wicks and losing momentum can drive the price lower. Early investors/traders must wait till a breakout with volume is observed.

Resistance: $0.0214, and the correction line of the parallel channel

Support: $0.0136 and $0.0065

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Vishal Dixithttp://www.thecoinrepublic.com
Vishal Dixit is a technical analyst with over a year of experience in the Indian stock market. He likes to read, learn and practice more about cryptocurrency, Forex, and Equity. He possesses strong technical and analytical skills in the financial market which comes from a strong background as a chemistry graduate and chess enthusiast.

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