Bulls Are Gathering Momentum to Take Over Holo Market – Cryptovibes.com – Daily Cryptocurrency and FX News
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HOTUSD Price Analysis – February 21
Further increase in the bears’ momentum will make the price to break down the support level of $0.0046; below it are $0.0041 and $0.0038 support levels. Should the $0.0046 support level holds; the price may reverse to commence a bullish movement towards the resistance levels at $0.0050, $0.0053 and $0.0057
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Key levels:
Resistance levels: $0.0050, $0.0053, $0.0057
Support levels: $0.0046, $0.0041, $0.0038
HOTUSD Long-term Trend: Bearish
HOTUSD is bearish on the daily chart. Last two weeks, bulls were in control of the Holo market. The bullish momentum made the price to increase from the low of $0.0041 to $0.0057 level. The bears took over the market on February 10 when the price reached the high of $0.0057price level. A bearish engulfing candle pattern formed at the just mentioned level. The price obeyed this bearish command, the price decline towards the previous low level of $0.0046. Today, bulls are gaining more momentum.
The fast Moving Average (9 periods) is below the slow Moving Average (21 periods EMA) and the price is trading below the fast EMAs as a sign of bearish movement. Further increase in the bears’ momentum will make the price to break down the support level of $0.0046; below it are $0.0041 and $0.0038 support levels. Should the $0.0046 support level holds; the price may reverse to commence a bullish movement towards the resistance levels at $0.0050, $0.0053 and $0.0057.
HOTUSD medium-term Trend: Bearish
HOTUSD is bearish in the 4-hour chart. A chart pattern called a double bottom appear on the 4-hour chart and the formation is in progress. The price decline from the high of $0.0057 to the support level of $0.0046. It is currently increasing gradually.
The coin is crossing over the 9 periods EMA and 21periods EMA upside and the later EMA is trying to cross the former EMA which indicates that the bulls are gathering momentum to take over the market. The relative strength index period 14 is at 45 levels and the signal lines pointing up to indicate buy signal.
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