Holo (HOT) Could Spike 70% If This Happens: Top Analyst
HOT could recoup recent losses if altcoins see a significant reversal, technical analyst Michael Van de Poppe suggests.
Holo’s (HOT) price is up 7.91% in the past 24 hours to trade at $0.0087 as of writing. The market capitalisation for the asset stands at $1.57 billion.
Despite trading in the red over the 14-day and 30-day periods as shown on price aggregator CoinGecko, the token’s year-on-year gains stand at 1,570%. This is after a massive run-up seen since last December, with prices surging from lows of $0.0006 on 31 December 2020 to a new all-time high of $o.o3157 5 April 2021.
As this week’s crypto bloodbath tanked Bitcoin to lows of $30k, HOT/USD plummeted too to hit lows of $0.0074. But crypto analyst and trader Michael Van de Poppe has suggested that the token’s price is primed for a fresh upside as profit-taking deals decrease.
According to him, HOT/USD has seen a full retrace from its peak to lows seen in March. A decent support zone near the $0.0057 and $0.007 zone could allow bulls to target new resistance levels. In his opinion, the bullish scenario will play out if the altcoin market witnesses an upward correction in the coming days and weeks.
Well, this is going the way it should for $HOT.
Full retrace after a massive surge.
I’m assuming we’ll reverse quite soon on the #altcoins and then this scenario plays out.
Might be interesting to take some entries. pic.twitter.com/rqlzCrBnpM
— Michaël van de Poppe (@CryptoMichNL) May 21, 2021
Let’s see how Holo’s technicals looks today.
Like most other altcoins, Holo (HOT) prices largely mirror the sentiment within the Bitcoin market. As such, Bitcoin’s consolidation in the $30-$40k region could see altcoins seek a fresh leg up.
The daily chart shows the RSI is tipping off the oversold line and the MACD is decreasing within the bearish zone. If HOT/USD breaks resistance at the 20-day EMA ($0.0117), it would be above the zone Van de Poppe marked as key to fresh gains.
The next hurdles above this line would be at $0.018 and $0.020, which suggests a 70% surge from the critical $0.011 line.
Conversely, failure to clear above the bearish trend line would invite new selling pressure and leave HOT/USD vulnerable to a retest of recent lows near $0.0051.
No SPAM ever!
Alt coin news
Keep updated with our round the clock and in-depth cryptocurrency news.
No SPAM ever!
Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.
CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.
Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.
When trading in stocks your capital is at risk.
Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.