Home
News
- 1 HOOK token price delivers a downtrend and is guiding selloff.
- 2 Buyers have lost momentum and are trying to pick strength.
The HOOK token price trades below the key moving averages and is below its demand zone of $1 guiding bearishness on the charts. Moreover, the price action signifies a double top formation and faced sharp rejection from the $1.600 mark delivered selling pressure in the last sessions. Following the market downturn, the HOOK crypto price has dragged over 40% this month replicating bearish momentum.
At press time, the Hooked protocol token (HOOK) price traded at $0.987 with an intraday drop of 2.922%, reflecting bearishness on the charts. It has a monthly return ratio of -29.10% and -47.20% on a yearly basis. The pair of HOOK/BTC is at 0.0000150 BTC, and the market cap is $18.57 Million. Analysts are bearish and suggest that the HOOK token may face rejection around the $1 mark ahead.
Over the past few sessions, the token has witnessed sharp profit booking and retraced over 25% in the last two weeks, replicating selling pressure on the charts. Additionally, the token slipped below the significant support mark of $1. However, a rebound over 11% this week was noted and buyers are trying to regain strength amidst bearishness.
HOOK Price Volume Analysis On Daily Charts
The Hooked protocol token price and volume implying bulls accumulation in the last trading sessions. However, the trend is bearish, and the token still needs to fetch the $1 mark to beat the bear cartel. Until the token trades below $1.20 mark, the buyers will struggle and remain under the hands of sellers. The intraday trading volume increased over 33.64% to $18.54 Million.
Per the Fib retracement levels, the Hook token price trades near the 23.6% support zone and is near to its lower Bollinger Band. The RSI curve stayed in the oversold region and showed a positive divergence, suggesting a volatile move ahead.
The token’s total supply is 500 million, and the volume-to-market cap ratio is 0.374. The market cap of the token is $49.65 Million, whereas it stands at 499 per the market cap in the global crypto market.
Summary
The Hook Protocol price is guiding a downtrend and has slipped below the round mark of $1, delivering bearishness. Moreover, the trend is bearish and is favoring the bear cartel. Any slippage below $0.9300 may lead into a sharp decline ahead.
Technical Levels
Support Levels: $0.9700 and $0.9400
Resistance Levels: $1 and $1.20
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency 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.
