HOT has struggled in the markets for the past few weeks, failing to trade above the $0.0032 price level since May 11. Today, HOT is trading at the $0.0022 price level and is up by almost a percentage point.
Holochain is an open-source framework for building fully distributed, peer-to-peer applications. The project also allows for the development of microservices that run peer-to-peer applications without central servers. Therefore, applications developed on the platform can run entirely on end-user devices.
Compared to other blockchain technologies, Holochain uses post-blockchain technology that allows it to separate data integrity from data security without the use of Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus mechanisms. Developers are also able to use Holochian technology to create fully distributed peer-to-peer web applications.
The project has a native token known as HOT. The token is built on the Ethereum Network and acts as a utility token for the Holo Network. Today, the HOT tokens are tradable for Holofuel, which is used on the network as both the reward for input on the network and as a measure of computational power.
Despite being up by a percentage point in today’s trading session, the HOT token has continued to struggle in the markets, trading sideways for the past few weeks. The crypto has also failed to break the $0.0032 resistance level to the upside since May 11.
Looking at the chart below, the prices have also traded along with the $0.0020 support level for almost two weeks. Therefore, I expect the sideways market trend to continue using past price action and how the crypto has performed for the past few weeks.
I also expect the prices to continue trading with the support and resistance levels of $0.0020 and $0.0032 respectively. There is a high likelihood that the sideways market is likely to continue for the next few weeks. However, my sideways market analysis will be invalidated if prices move aggressively past the support or resistance levels. Such a move would be the start of a new trend.
This post was last modified on %s = human-readable time difference 09:41