Holo (HOT) price drops right as it reached a major resistance

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Jul 10, 2020
  • Holo has shown strength and will to rise throughout the year.
  • The coin recently saw a major surge, although its strongest resistance still remains.
  • The project could still turn it into a support if another rally takes place soon.

The crypto market saw quite a bit of volatility over the last few days. A major bull run took place, and interestingly enough, it did not include Bitcoin. However, the bullish wave seems to be gone now, and a price correction is taking place.

One coin that surged quite high, only to start dropping rather strongly, is Holo (HOT), currently the 66th largest crypto by market cap.

Holo in 2020

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Holo price started the year at $0.0006. The price started going up as soon as the year kicked off, although it was stopped by a resistance at $0.0007. In fact, this level managed to hold throughout January, and even reject the price as the month approached the end.

However, it was breached in early February, and so was the next one, at $0.0008. The one at $0.0009 was in trouble of breaking as well, but that’s when the bull run ended, and HOT price started going down. It quickly found itself back at $0.0006, and this level was strong enough to hold it.

Or, at least, it would have been, if not for the mid-March price crash.

The crash forced the price to get cut in half, and it sank to a support at $0.0003. It immediately tried to go back up, although it was held, and it needed nearly two months before it surged back up.

HOT returns

HOT finally managed to make a comeback to $0.0006 in the early days of May. It surged quite suddenly, and its price grew back to $0.0006. The level rejected its price, but the coin broke it by late May.

This time, it managed to stay above, which was rather good news for those who bought HOT while its price was low. But, as June itself was marked with a bearish trend, the price went down, once again breaking the support.

That is, until two days ago, July 8th, when it started surging, and it went all the way up to $0.0008. It tried breaking this level twice, and is currently seeing a rejection.

Conclusion

Holo has the strength to grow, and it demonstrated it multiple times. However, it also has strong resistances, and it follows the market trend rather faithfully.

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