The crypto market in general is coming out of a period of consolidation over the last few weeks. Coins are surging, and Holo Chain (HOT) is one of them. In fact, HOT has been one of the top performers of the last week. Here is what you need to know:
The coin had surged by close to 10% over the last 24 hours
HOT is also up by around 30% over the last 7 days or so.
This uptrend is likely to maintain in the week ahead.
Data Source” Tradingview
Why is Holo Chain (HOT) surging?
The main reason why we saw a surge in HOT over the last few days was a new announcement on the ecosystem roadmap that looks to make the project huge. But even with that, HOT had actually shown a lot of bullish signs before.
For example, it had managed to cross above a crucial overhead resistance zone of $0.004. Also, the coin hit a monthly high at the start of the week. The bullish outlook still remains intact. In fact, we are watching to see if bulls can push the price above $0.006.
If this happens, we could see decisive gains that could target $0.01 in the near term. This will represent a 50% surge from the current price. But if the price falls below $0.004, then more weakness could ensue.
Should you buy Holo (HOT)?
Holo markets itself as a peer-to-peer chain that hopes to provide a fast and reliable infrastructure for the deployment of decentralised apps. The project is also introducing new tools to help bridge the gap between decentralized systems and centralized ones.
The fundamentals are indeed quite good, and we have seen a lot of resilience as far as HOT goes. In the longer term, we expect the price outlook to remain positive and upbeat.