The broader crypto market is seeing signs of bullish relief as the nascent industry resurfaces after a torrid bear winter. One of the best performing in this new found crypto winter is decentralised applications (dApp) facilitator Holochain. The blockchain tech rival has rallied significantly, spurring investors to buy HOT.
While not in the same ranks as popular Ethereum rivals like Solana and Cardano, Holochain presents itself as a more efficient version of blockchain.
To do this, Holochain eschews the data dependency inherent in the blockchain prototype and instead takes an agent-centric approach in enabling a global consensus on its protocol.
In an era where blockchain is the most popular means of validating decentralised transactions, Holochain’s technical and fundamental performances will go a long way in showing if it is a good decision to buy HOT for the long term.
HOT Making Headlines As The Crypto Market Gains Bullish Momentum
The bulls are gradually making their way back into the market and the nascent industry is seeing traces of uptrends scattered across.
At the moment of writing, the crypto space has risen 3.79% to $2.25 trillion in recorded value. This is following a slight price bump by top crypto dog Bitcoin in the past day.
Holochain is generally catching this tailwind and is up 13.21% while trading below the $1 price peg at $0.008011. Weekly gains, however, are more modest as HOT has rallied 2.54% in the last seven days given the major market correction of the past week.
Meanwhile, the Holochain protocol has seen major price uptrends in the past six months with a 30.36% increase so far. Year-to-date rallies have seen HOT climb 1,258.01% while a 12-month trailing return of 1,150.87% reflects a strong one year momentum for the digital asset.
Given this, HOT has seen its market cap surge upwards by 11.85% while standing at $1.375 billion with a 24-hour trading volume over $239 million.
With a maxed total token supply, Holochain commands a 0.06% market dominance and is ranked 78th on the global crypto ranking system. The digital asset has previously touched a record high of $0.03157 during the April crypto boom.
With such a high price peg, the Holochain protocol is expected to rise, making this an ideal time to buy HOT for a discount.
HOT Technical And Fundamental Analysis
Turning to the technical and fundamental data gives us a clearer angle on how resilient the Holochain protocol really is.
The digital asset is currently trading below the 20-day moving average (MA) support price of $0.008856, reflecting a short-term bearish momentum.
Pivoting to the 200-day MA also reflects a bearish run as HOT is trading below the indicator support price of $0.0093. However, this is not expected to last long, making this a good time to buy HOT.
The 14-day relative strength index (RSI) shows that HOT is trading in the underbought region at 36.66 while the moving average convergence and divergence (MACD) stands at neutral as both trendlines are on par.
In the aspect of fundamentals, the Holochain protocol is beginning to attract more dApps to its ecosystem. Non-fungible tokens (NFTs) are expected to find their way there in the coming year as the protocol works on releasing its beta phase.
For the time being, dApp protocol Neighbourhoods has recently launched on the Holochain ecosystem. This will see the NHT and TGE tokens subsequently launched on the agent-centric protocol.
Neighbourhoods is also creating a reputation data for users in the form of a wallet on the Holochain protocol.
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