Highlights
- A breakout above $0.025 resistance could confirm further upside on HOT/USD
- Holochain announced rolling out an update to all HoloPorts in the prior week
Holochain (HOT) is posting mild intraday gains after a rebound from the ascending trendline support at $0.0168. HOT Price remains capped at the $0.023 barrier after a failed close above this level in the prior day. Today’s price action left a Doji candlestick signaling indecision at $0.016 key support (April 10 low) cracked on the asset’s further downside move. A breakout above $0.026 resistance could confirm further upside on HOT/USD.
Holochain is a new open-source framework for truly peer-to-peer applications. Holo (HOT) has a present market cap of $3.38 billion, with $1.19 billion in trade volume over the past 24 hours. As of press time, HOT was trading at $0.019, up by 7.43% in the last 24 hours.
Holochain aims to create an ecosystem of decentralized apps with distributed, user-controlled storage. On April 11, the Holochain team announced the arrival of a DevPulse in a tweet with the caption ‘elemental chat gets freshened up.’ The Dev Pulse at Holochain provides immediate updates on developments in the Holochain Network. Holochain also announced rolling out an update to all HoloPorts in the prior week with the most visible changes in the UI of the Elemental Chat.
#DevPulse is here!
Last week we rolled out an update to all HoloPorts. The most visible changes are in the UI of Elemental Chat, our demo app.✅Get the full picture here:https://t.co/Es7EDj6YiR#Holochain #OpenSource #ElementalChat #App #HoloPort pic.twitter.com/l4dr92cZD9
— Holochain (@holochain) April 11, 2021
HOT/USD Daily Chart: Ranging
Holo (HOT) has remained in a downside move since after attaining all-time highs of $0.032 on April 5. A mild rebound from the ascending trendline support at $0.016 pushes the HOT price in close shave with the key resistance at $0.026. The immediate barrier above $0.023 is currently being tested and a close above this level could signal further gains. The bias remains mixed with an intraday Doji candlestick signaling indecision.
In the short term, HOT price action is likely to range above the ascending trendline support at $0.016. The RSI has flattened above the mid 50 reading, suggesting possible sideways trading.
If the indecision resolves to the upside and HOT bulls manage to drive its price above the immediate barrier at $0.023, in such case, HOT is likely to extend gains further to the key resistance at $0.026. This will open the doors for a retest of the resistance at the all-time highs of $0.032. HOT/USD pair could then kick off the next leg of the rally that could take it to $0.035 and then $0.040 levels.
Conversely, if the uncertainty resolves to the downside, the pair could drop to the support at $0.014. A break below this level could pull the price down to $0.008.
- Supply Levels: $0.0321, $0.0298, $0.0250
- Demand Levels: $0.0161, $0.0138, $0.0115
To summarize, further rise is still in favor of HOT/USD as long as $0.019 minor support holds. Only a strong close below the $0.016 level will confirm further downside in prices.