Holo Token Price Drops Despite Positive Fundamentals
• Holo’s native token HOT extended its bear run in May as the wider crypto market faced macro headwinds.
• Investors remained on the fence, waiting for the next bearish or bullish trigger before entering the market.
• HOT prices are moving inside a bearish technical pattern called the ‘double top’ and might drop nearly 36% to reach $0.00102 if it confirms the pattern.
The price of Holo’s native token HOT has been declining despite positive fundamentals, as it mimics the overall crypto market’s action. The entire crypto market cap (TOTAL) has dropped over 15% from its 2023 high of $1.5 trillion in April due to US debt ceiling issues and lack of investor confidence. At present, HOT is trading within a bearish ‘double top’ pattern with a -36% price target should it break below support levels.
Falling Crypto Market Cap
The overall crypto market cap has fallen by 15%, dropping from its 2023 high of $1.5 trillion in April due to unresolved US debt ceiling issues and lack of investor confidence in recent times. This has caused investors to remain on the sidelines, waiting for a clear trigger before they enter back into the markets again, leading to further downward pressure on prices across cryptocurrencies.
HOT Prices Inside Bearish Pattern
The current down trend experienced by Holo’s native token HOT is likely due to its mimicry of general crypto market movements; at present, HOT prices are moving inside a bearish technical pattern called the ‘double top’ which could lead to a -36% price target if support levels are broken below it. Bears have aggressively defended key EMA resistance zones since late April this year – indicating that any potential upswing would need strong buying pressure before being able to break through this area successfully and sustainably move higher over time.
Key Support Level Holding Firmly
Despite bearish activity so far this month, buyers remain active near key support levels such as around $0.0015; evidenced by long wicks at the bottom of daily candles – though further downside breaks cannot be ruled out yet given current conditions and patterns occurring across markets right now in both traditional and cryptocurrency spaces combined singly or together forming hybrid financial systems going forward amid rapid technological advancements globally .
Awaiting Bullish Trigger
For bulls to gain control over bears again in HOT markets, traders will need awaited bullish triggers such as breaking through key EMAs around $0.00165 and then sustaining above them up until 50-day EMA resistance at around $0.00178 before gains can be pared once more finally resulting into renewed investor interest towards HOLO project too ultimately thus sparking off new wave of fresh demand supply dynamics propelling prices higher from hereon amidst changing economic conditions worldwide including USA specifically..