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Holochain / USD Technical Analysis: Bulls Hard At Work

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  • Holo has a bullish short-term outlook, with the cryptocurrency trading back above its 50-period moving average
  • The four-hour time frame shows a bearish head and shoulders pattern
  • The HOT / USD pair has a bullish medium-term outlook, with the daily time frame showing a large inverted head and shoulders pattern

Holochain / USD Short-term price analysis

Holo has a bullish short-term outlook, with the cryptocurrency attempting to build strength back above its 50-period moving average on the four-hour time frame.

Bulls need to work hard in order to negate the bearish head and shoulders pattern that is currently looming over the HOT / USD pair on the four-hour time frame.

SIMETRI Research

Technical indicators on the four-hour time frame are currently generating a strong buy signal.

 

HOT / USD H4 Chart                                                                         (Source: TradingView)

 

Pattern Watch

Traders should note that the bearish head and shoulders pattern has a downside projection that would take the HOT / USD pair back towards the worst trading levels of 2019.

Relative Strength Index

The Relative Strength Index is currently generating a strong bullish signal on the four-hour time frame.   

MACD Indicator

The MACD indicator has turned bullish on the four-hour time frame, with both the MACD histogram and signal line turning higher.


Holochain / USD Medium-term price analysis

Holo has a bullish medium-term outlook, with the HOT / USD pair once again attempting to build momentum above its 50-day moving average.

An inverted head and shoulders pattern is still visible on the daily time frame, with the latest decline in the HOT / USD pair helping to carve out a right-hand shoulder.

Technical indicators on the daily time frame are neutral and have yet to turn bullish.

 

HOT / USD Daily Chart                                                                         (Source: TradingView)

 

Pattern Watch

Traders should monitor the daily time frame for a potential triple-top pattern formation.

Relative Strength Index

The RSI indicator is attempting to recover on the daily time frame, although it has yet to turn bullish.

MACD Indicator

The MACD indicator on the daily time frame is currently flatlined and failing to generate a clear trading signal.


HOT / USD Conclusion

Holo is attempting to move back towards the best levels of the month as the cryptocurrency continues to enjoy strong dip-buying demand.

Bulls will soon need to ignite the bullish inverted head and shoulders pattern on the daily time frame as bearish patterns are starting to develop across both time horizons.

For a quick understanding of what Holochain is all about, check out our coin guide for Holochain here.

A deeper research guide and investment grade is available here.

 

Holo Chart

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DISCLOSURE

Authors at Crypto Briefing are invested in cryptocurrencies. The author of this post may be invested in digital assets mentioned here.

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