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Holochain price prediction: HOT peaks at $0.0015, starts to retrace

Holochain Price Prediction

TL;DR Breakdown

  • HOT peaked at $0.0015 yesterday.
  • Holochain has retraced 20 percent.
  • Support around $0.00105.

Today’s Holochain price prediction is bearish as the market rejected further upside after peaking at $0.0015. Likely HOT heads to test support at $0.00105.

Holochain price prediction: HOT peaks at $0.0015, starts to retrace 1
Cryptocurrency heat map. Source: Coin360

The overall crypto market is in the green for the last 24 hours. Bitcoin is the only one lagging behind with a loss of 3.5 percent. Binance coin leads major altcoins with over 45 percent as it continues setting new highs in an exponential move.

Holochain price prediction: HOT peaks at $0.0015, starts to retrace

HOT/USD opened at $0.001196 after some struggle to move higher yesterday and a very strong bullish impulse to the upside on Monday. As the price of Holochain peaked at 0.0015, a sharp rejection resulted in a move towards $0.0012, where Holochain currently trades.

Further downside is expected, and an area where HOT could find support is located around $0.00105, as it is where the market previously peaked at the end of January. 

Holochain price movement in the last 24 hours

The HOT/USD price moved in a range of $0.001137 – $0.001490, indicating a good amount of volatility. Trading volume has decreased by 13.4 percent over the last 24 hours, indicating that the current bullish momentum is done.

HOT/USD 4-hour chart – Holochain rejects further upside

Looking at the 4-hour chart for HOT/USD has printed several large bullish candles during the first half of the week. What has followed is a very strong rejection. Previous resistance around $0.00105 could act as support together with 61.8 Fibonacci retracement.

Holochain price prediction: HOT peaks at $0.0015, starts to retrace 2
HOT/USD 4-hour chart. Source: TradingView

Overall, Holochain has gained around 95 percent over the past few days. After spending several days below $0.00085 resistance, HOT tested $0.00076 and broke higher on the 8th of February. From there on, Holochain quickly reached $0.00135 and reversed lower, testing $0.0105. 

From there on, HOT made another push higher, which resulted in the current all-time high of $0.0015. Since then, Holochain`s price has slowly retraced and found some support around $0.0012. It is still too early to tell whether HOT can hold the $0.0012 support. It is very likely we will see Holochain moving even lower towards the previous $0.00105 support.

From there on, the next horizontal level of support is seen around $0.0009. If Holochain can retrace so low, a long position entry would mean excellent risk/reward with the expectation that HOT/USD will test the previous high. Alternatively, if HOT/USD moves even lower, we could see a much longer medium-term trend reversal, which would lead Holochain`s price into several week consolidation.

For now, the best option would be to wait for further price action development. Ideally, the price of Holochain would retrace some more and start building a consolidation, from which the market will attempt to set even further all-time highs.

Holochain Price Prediction: Conclusion 

Holochain price prediction for today is bearish as the several day bullish momentum has been exhausted. Therefore, HOT should see further retracement towards support around 0.00105. From there on, much depends on how the price action of Holochain reacts.

If rejection for further downside is made, traders should wait for some consolidation and prepare for a long position.

Until then, see our latest news on the recent spike for the number of unconfirmed transactions for Bitcoin or read our long-term Holochain price prediction.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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