Hooked Protocol price analysis: Support emerges for HOOK following a sharp drop to $1.21


    • Hooked Protocol price analysis shows a bullish trend.

    • Resistance for HOOK/USD is present at $1.507.

    • Support is present for HOOK at $1.440.

After finding support at $1.27, the latest Hooked Protocol price analysis indicates a potential bullish trend for today. Over the past few days, the cryptocurrency value has steadily declined under the dominance of bears, with yesterday’s loss being particularly significant. However, there has been a recent small price increase, offering promising prospects for buyers. As the bulls have finally found support, the price has risen to the $1.28 level. Despite this week’s price decline and the sharp reversal witnessed yesterday, today’s trend appears optimistic once again.

HOOK/USD 1-day price chart: Price recovers to 1.28

According to the 1-day price chart for the Hooked Protocol price analysis, the HOOK/USD pair is currently being traded at $1.28 at the time of writing, indicating an upward price movement today. However, as a consequence of recent bearish momentum, HOOK/USD has suffered an 11.29 percent decline in the past 24 hours, while HOOK’s loss over the previous week stands at 11.63 percent. In the span of the last day, trading volume has seen a significant growth of 72 percent. Meanwhile, the market cap has experienced an ongoing 11 percent decline, resulting in HOOK’s 0.01 percent market dominance.

HOOK/USD 24-hour price chart. Source: Tradingview

On the one-day price chart, the moving average (MA) value is hovering near the $1.41 level. Despite the bulls’ efforts to push the price higher, a crossover has occurred between the 20-day simple moving average (SMA) and the 50-day SMA. At the $1.30 mark, the lower Bollinger band is diverging and has been acting as a support level for the price, while the upper Bollinger band is touching the $1.57 point, indicating resistance. Meanwhile, the average of the Bollinger bands remains at $1.43. The Relative Strength Index (RSI) currently sits at 34, displaying a flattened curve that suggests a lack of momentum from both sides of the market.

Hooked Protocol price analysis: Recent developments and further technical indications

The four-hour Hooked Protocol price analysis suggests a bullish trend, considering the price gain observed. At the start of the trading day, the price experienced a downward break, but after four hours, a support level emerged. Following the sharp loss in the previous trading session, the trend remained bearish during the initial four hours. However, in the last four hours, the price has climbed to $1.28, indicating a rising trend.

HOOK/USD 4-hour price chart. Source: Tradingview

There is an expansion in the Bollinger bands on the four-hour price chart, indicating increased volatility. The upper Bollinger band is valued at $1.58, while the lower Bollinger band stands at $1.25. The Relative Strength Index (RSI) has a score of 25, displaying a slight upward curve that signifies recent buying activity. Nonetheless, the coin is currently undersold, suggesting a potential buying opportunity.

Hooked Protocol price analysis conclusion

The one-day and four-hour Hooked Protocol price analysis indicate that the market has been on an upward trajectory today. In the past four hours, there has been a slight price increase, bringing it in close proximity to the $1.280 threshold. Considering these developments, our expectation for today is that HOOK/USD will sustain its upward trend.

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.

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Written by Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.