- HOLO token price trails under falling channel even after the 100% price jump.
- The coin price breaks the 50 EMA with volume burst but struggles just below the 200 EMA.
- The HOLO/BTC pair was trading at 0.0000002746 BTC, with an intraday gain of +12.56%.
HOLO token price has been falling inside a parallel downside channel from the $0.023 level. The resistance of 50 and 200 EMA managed to push the price further down inside the channel. However, under current circumstances, the upside breakout of the channel is suspected to occur soon.
The coin price is trading at $0.01089 with a gain of +27.22% in the last 24-hour. HOLO token price has managed to break over the 50 EMA. With an increase in the daily volume. One can expect a short pullback if the price reverses from 200 EMA. The coin indicates that the bulls are overpowering bears, with the recently made strong green candlesticks with tremendous buying volume.
HOLO Token Breaks Out of Descending Triangle, Struggles with 50 EMA
In the daily timeframe, the technical chart of HOLO token price action projects a breakout of the descending triangle with an increased buying volume. According to price action, the critical support zone of HOLO is between $0.0055-$0.0065. At the same time, the price is holding near $0.01089. The pattern’s breakout brings hope for HOLO investors and an entry opportunity at retest for new investors.
The price recently crossed over 50 EMA (yellow) in the 4-hour timeframe. Investors may find the price sustaining above the 50 EMA as a positive point. But the price struggles below 200 EMA. However, the scenario is precisely reverse in the daily timeframe.
The relative strength indicator (BULLISH), with a 50, indicates a buy signal in the coin.
ADX indicator, with a value of 28 in the 4-hour timeframe, is moving sideways, indicating the stagnancy in trend momentum.
Conclusion – The breakout of the descending triangle with the possibility of parallel channel breakout brings a ton load of bullish sentiment, but the resistance of EMA opposes these sentiments. The increase in buying volume along with the bullish momentum of RSI can drive the price higher. Early investors/traders must wait till a breakout retest transpires.
Resistance: $0.0165
Support: the zone between $0.0055-$0.0065