Holo (HOT) Comment: Holo coin is on record high! Holocoin is a peer-to-peer distributed platform to host decentralized applications built using Holochain, a framework for developing DApps that do not require the use of blockchain technology. Why is the Holo (HOT) coin rising?
Why is Holo (HOT) Rising?
Turkey in an amazing investor group (HOT) having Holon, confirms once again the record. It seems that the Holochain, which has been in place for a long time, has set a record exactly in the last 1 month. So why is HOT price rising exactly and what is the target?
The HOT / USD trading pair is up 340% in 30 days, 67% in 14 days, 56% in 7 days and 27% in 24 hours. The rise of HOT price can actually be clearly seen directly from the price chart. There should be very reasonable reasons behind such an increase.
Holochain (HOT) aims to provide solutions to scalability problems that can be a limiting factor in the crypto industry. Holochain seeks to return data and control of privacy to people by eliminating large companies and intermediaries. To achieve this, Holo, a distributed peer-to-peer hosting platform, acts as the link between the web and Holochain applications. Holochain wants to make this technology available to users who can access applications in a web browser. If this has to be done, the technology must have large scalability, high speeds, and also be financially viable. The team at Holochain believes they are on track to achieve this goal. As part of the process, Holochain launched an application called Elemental Chat that runs on HoloPorts. The team also plans to allow web users to log into Elemental Chat via HoloPort. This will put the protocol’s scalability claims to the test and help further fine-tune the project.
The team also outlined the progress of the upcoming milestones of the Holo product line, which will be phased out in the future. The protocol might attract investor attention if the team fulfills their promises. HOT rose from $ 0.0007817 on February 8 to $ 0.00424 on February 21, with a 442% rally within two weeks. This rise pushed the relative strength index (RSI) above 92 on Feb.21, indicating that the market was overbought in the short term. This resulted in a profit booking on 22nd and 23rd Feb, and the price was at $ 0.0021028%.
It pulled the 61.8 Fibonacci retracement level. The positive sign, however, is that the long tail on the candlesticks on both days is showing strong purchases at the lows. However, as seen from the long wick on the February 24 candlestick, traders are squeezing their positions at the higher rallies. Today, the intraday candlestick forms the pattern, pointing to a balance between supply and demand. The pair may consolidate for a few days now. If the bulls can push the price above $ 0.00363, a retest of $ 0.00424 is possible. A break at this level could start the next leg of the upward move that could reach $ 0.0055629. Conversely, if the bears pull the price below $ 0.0028, the pair could drop to the 20-day exponential moving average ($ 0.0020).