In today’s trading session, the HOT coin is trading two per cent above today’s opening price. Today’s bullish trend follows yesterday’s 7.8 per cent price drop and a weeks-long sideways market trend.
In the past few years, Holochain has gained traction due to its open-source framework that allows the development of microservices that run peer-to-peer applications entirely on end-user devices without central servers. The platform has become popular for people looking for blockchain alternatives.
Compared to the blockchain, the platform can work efficiently without a global consensus. For people who want a decentralized system that is easy to scale, better at scalability, highly efficient and with great scalability, then Holochain becomes their number one choice.
However, Holochain (HOT) struggled in the markets for the past few months, even with strong technology. Since the month of May started, HOT has dropped by 34 per cent. Since the year started, HOT has also dropped by 64 per cent. Although part of the reason for the drop is due to the current cryptocurrency bearish market, it is still a concerning trend for one of the best performing cryptocurrencies in 2021.
In the past few days, the price of HOT has been trending sideways. This is after weeks of an aggressive downward trend that resulted in the cryptocurrency setting new lows of $0.0020.However, in today’s trading session, the prices are up by 2 per cent. The upward move is a reversal of yesterday’s strong bearish move that resulted in a 7 per cent price decline.
Despite today’s market gains, my HOT coin price prediction is still to the downside. I expect the cryptocurrency to resume the bearish move in the next few trading sessions. There is a high likelihood that the prices will be dropping to the $0.0020 support level again. If that happens, then the likelihood of breaking below that level is very high.
However, should today’s trading session wipe yesterday’s price loss, then my trade analysis will be invalidated. We have also entered a long-term bullish move for the HOT coin crypto.
This post was last modified on %s = human-readable time difference 11:46