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- Holo crypto price recovered 45% approx from the recent lows and forming a bullish reversal pattern
- HOT crypto prices had reclaimed 50 day EMA and attempting to breakout of 200 day EMA
- Holo crypto price had formed a double bottom pattern and rising upward while forming higher high candles
HOLO crypto prices are trading with the bearish cues and bears are trying to keep the prices below the 200 day EMA to show its dominance at higher levels.Currently, The pair of HOT/USDT is trading at $0.001967 with an intraday loss of 0.40% and the 24-hour volume to market cap ratio at 0.1652
Will the HOLO rally continue ?
On a daily time frame, Holo crypto price had formed a double bottom pattern and bulls had succeeded to break out of the neckline resistance indicating the initial signs of short term bullish trend reversal. From the past couple of months, HOT prices got stuck in the narrow range between $0.001385 to $0.001800 and bears tried multiple times to break the lower level but surprisingly some aggressive buyers came forward and reversed the trend in the favor of bulls.
The Holo crypto prices reclaimed the 50 day EMA which has triggered the positive sentiment and the rising volume bars shows some genuine buyers might have taken long positions and expecting the prices to continue the upward momentum. However, the downward sloping 200 day EMA (green) will act as an immediate hurdle for bulls followed by the next hurdle at $0.002386 and $0.00292.
Holo crypto prices are up by 38% on the monthly basis and prices seem to be entering in the overbought zone. Therefore, if any minor correction triggers from the supply zone, then $0.001385 will act as a support level. The MACD had generated a positive crossover indicating bullish may continue in the coming days and the RSI curve above 80 denotes the overbought zone which can create trouble for bullish traders.
Summary
After analyzing the multiple indicators the HOT prices seem to be in the favor of bulls but prices are near to overbought levels and minor correction or consolidation is also possible. The Technical analysis suggests that, Till prices are holding the 50 day EMA, traders may look for buying opportunities by keeping $0.001385 as SL.
Technical levels
Resistance levels : $0.002386 and $0.00292
Support levels : $0.001385 and $0.001000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
