The Holochain price analysis shows that the altcoin has a bullish short-term bias but also a bearish medium-term trading outlook since the four-hour time frame shows that a bullish inverted head and shoulders if forming while the daily time frame is showing a huge inverted head and shoulders pattern in play. Let’s check out the analysis below in the coming altcoin news.
Holochain has been improving over the past few weeks and the cryptocurrency racked up an impressive 20 percent gain since the start of the month. What is even more impressive is that the HOT/USD pair performance since September ended, allowed the altcoin to add just over 50 percent to the trading value. Since the start of 2019, the Holochain price analysis shows that the altcoin added more than 120 percent but it did trade down by more than 60 percent from the 2019 trading peak.
Holochain is in a good position to build the recent trading gains even further and according to the short-term technical analysis, the altcoin is now probing against the neckline of the bullish inverted head and shoulders pattern with a slight upside projection that could add further up to 50 percent to the value.
The daily time frame shows that a rally of about 15 percent is much needed before the HOT/USD pair claims the bullish status. The mentioned time frame also shows a huge inverted head and shoulders pattern but a rally towards $0.001650 level is needed in order for a bigger bullish pattern to be created in the daily time frames. Holochain can even test beyond the best levels of 2019 if all of the patterns play out to the fullest potential.
According to the latest sentiment data, the short-term sentiment for Holochain is standing at about 68 percent while the overall long-term sentiment is very strong as well reaching 79 percent. The four-hour time frame shows that a huge inverted head and shoulders pattern is forming and the pattern has an upside projection of about 50 percent. The key technical resistance of the pair is slightly above the $0.001050 level and the four-hour time frame shows that the pair has also a very strong short-term technical support.
The daily time frame shows that a move to the $0.000800 level could be bearish for the cryptocurrency and could even break it towards the September trading low.
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