HOT Technical Analysis: Will Sustained Buying Surpass $0.010 Mark?

Key technical points:

Past Performance of HOT

HOT coin price experienced a sudden surge in buying pressure resulting in a 36% growth in a day. The rally creates a bullish engulfing candlestick and brings a rounding bottom breakout with a neckline close to $0.0050 along with the 50 and 100-day EMA. 

Source-Tradingview

HOT Technical Analysis 

HOT coin price struggles to surpass the $0.0075 mark as it shows higher price rejection with a long wick formation in the bullish engulfing candle and a shooting star candle. Hence, despite the 1000% gain in buying pressure, sellers are overpowering the rising trend.

The Holo market price retests the 200-day EMA bullish breakout but the increased selling might shortly succumb the price back under the average line. However, the 50-day EMA continues to grow to give a bullish crossover with the 100-day EMA.

RSI Indicator: The RSI slope shows a sharp rejection in the overbought zone but the uptrend sustains as the 14-day SMA approachces to give support. Hence, the indicator projects solid underlying bullishness. 

MACD Indicator: The rising trend of the positive histograms with the MACD and signal lines crossing into the positive category lights a bullish singal. Hence, the indicator projects a buy signal for the Holo token. 

In a nutshell, the HOT technical analysis reflects a post-retest bullish continuation possibility.

Upcoming Trend 

HOT coin price can reach the $0.0087 horizontal level if the buyers sustain the 200-day EMA stronghold. Moreover, a bullish crossover in the 50 and 100-day EMA will ensure a higher possibility of a bull run to the $0.010 mark.

However, sellers crushing the 200-day EMA stronghold will result in a free fall to the $0.0065 mark.

Support Levels: $0.0065 and $0.0060

Resistance Levels: $0.0087 and $0.010