HOT Technical Analysis: Price Has Fallen Below the Fibonacci Pivot Point of $0.02
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HOT Technical Analysis: Price Has Fallen Below the Fibonacci Pivot Point of $0.02

April 12, 2021      Ankita Awasthi

In new technical analysis, HOT is a cryptocurrency that powers the Holo blockchain network – an open-source protocol that enables users to build and distribute peer-reviewed decentralized apps. The unique feature of this network is that transactions are recorded on individual blocks and not in a public ledger. The market sentiment for this crypto is currently positive as Holo is all set to redefine data ownership for all its members.

Past Performance

On April 5, 2021, HOT started trading at $0.023. As of April 11, 2021, HOT closed at $0.0197. Thus, in the past week, the HOT price has declined by approximately 17%. In the last 24 hours, HOT traded between $0.0194-$0.021.

HOT Price Analysis

https://www.tradingview.com/x/VRp4WPyU/

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Day-Ahead and Tomorrow

Currently, HOT is trading at $0.02. The price has increased from the opening price of $0.019. Thus, the market looks bullish.

The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, the price is likely to start falling.

For the past hour, the OBV indicator is steadily declining. Thus, selling volumes are gradually overtaking the buying volumes. High selling activity will exert downward pressure on the HOT price. Hence, we can expect the price to go down.

The RSI indicator has just rallied from the 30% mark and is currently at 37%. Thus, selling pressures are still high. Hence, we can expect the price to go down. It is a good time for swing traders to go long.

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HOT Technical Analysis

As per technical analysis, Currently, the price has fallen below the Fibonacci pivot point of $0.02. It is soon likely to fall below the first support level of $0.0194. If the bears remain strong throughout the day, we can expect the price to fall below the subsequent support levels of $0.019 and $0.0184 respectively.

The price has tested and fallen below 23.6% FIB retracement level of $0.0199. As of now, the bearish forces are strong. If the price falls below the 23.6% FIB extension level of $0.0195 in some time, we can expect the price downtrend to continue tomorrow as well.

#HOT
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.