HOT Technical Analysis: Wait and Watch As Price May Soon Surpass $0.006

Holochain is a public blockchain network that facilitates the development of fast, hack-free, reliable, and peer-reviewed decentralized applications. It is a serverless ecosystem that connects user devices to each other within a safe network. Thus, users can access both locally installed and cloud software. HOT is the customized token of this ecosystem. Let us look at the technical analysis for HOT.

Past Performance

On Jul 20, 2021, HOT opened at $0.0048. On Jul 26, 2021, HOT closed at $0.0059. Thus, in the past week, the HOT price has increased by roughly 23%. In the last 24 hours, HOT has traded between $0.0056-$0.0066.

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Day-Ahead and Tomorrow

Currently, HOT is trading at $0.0056. The price has decreased from the day’s opening price of $0.0059. Thus, the market seems bearish.

The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to fall further.

Currently, the RSI indicator is at 42%. It faced rejection at 35% and rose to the current level. Hence, buying pressures are mounting. High buying activity will exert upward pressure on the HOT price.

Besides, the OBV indicator has started rising steadily. Thus, buying volumes are slowly overtaking selling volumes. Hence, the price may start rising.

In short, the OBV and RSI indicators have given positive signals, while the MACD indicator has given negative signals. Thus, we have to wait and watch if the bearish trend sustains or a trend reversal occurs.

HOT Technical Analysis

Currently, the price is below the first Fibonacci pivot support level of $0.0057. The price may soon surpass it and further rise above the Fibonacci pivot point of $0.006. After that, we have to wait and watch if the price rises further or falls again.

The price may soon test and breach the 23.6% FIB retracement level of $0.0058. It may further break out of the 38.2% FIB retracement level of $0.06 as well. If by day end, the price retests and falls below these levels, the bears have regained strength. In that case, the price downswing may continue tomorrow as well.