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Holo Token Price Soars 6% To $0.02 On Holochain News

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Holo (HOT) price has recorded an impressive rally since December 30, 2022, rising from the $0.0013 support floor to the $0.002 range high on Friday. This marked a 54% ascend in four weeks. The price is also up 7.6% over last week and 26% in the last two weeks.

At the time of writing, the HOT price was trading at $0.0022 after gaining 6.48% in the last 24 hours with a 24-hour trading volume of $97.9 million. Holo has a live market cap of $386.9 million, placing HOT at #100 on CoinMarketCap.

Holo Price Rallies Following Holochain Beta Launch 0.1.0

Holo is the cryptocurrency token powering Holochain, a non-blockchain-based peer-to-peer (P2P) decentralized application-hosting platform. The latest rally of the HOT token is attributed to the hype around the Holochain team launching a beta version of the platform.

Based on a blog announcement published on January 26, the Holochain beta launch marks the debut of an app-stable beta release, the next step of the network’s Holochain Beta release sequence. The beta launch 0.1.0 delivers more application stability for developers.

Among the key perks of the new release include stability for developers, apps, and their users, the least authority audit of Holochain’s deterministic integrity, fully functional apps, and developer tools release coming soon.

With this, the network has called upon developers, saying:

(We) encourage you to start developing fully fledged apps on Holochain. We know that there are many projects who have come to love Holochain over the past years but have been waiting for a beta release before they put significant investment effort into their app development. Now is the time.

Twitter user @artbrock, who presented himself as a developer, said, “It has taken much longer than I wanted, but I’m really excited to be able to start building cool apps on Holochain Beta.”

According to Arthur Brock, the new development sets a path for him to launch his apps on the Holochain network, which are long overdue because “…but it’s been too slow with expensive gas fees.” 

The beta launch comes a week after launching the first Holochain Devs Training, offering developers a chance to learn and grow with the ecosystem.

Impact Of New Releases On HOT Price

The news of the Beta 0.1.0 releases has positively impacted the HOT price, increasing the volume of trades as indicated by the size of the candlesticks.

The current price of the HOT token at $0.002 comes after a series of higher highs and higher lows since the beginning of the New Year, leading to the formation of an ascending parallel channel on the daily chart. This technical formation shows a clearly defined uptrend. 

The current price at $0.00221 is sitting on immediate support at the 78.6% Fibonacci retracement at $0.00276. A daily candlestick close above this level would see the Holo price rise to confront resistance from the upper boundary of the ascending channel at $0.00231.

Breaching this barrier could open the path for the HOT price to target the 100% Fibonacci retracement at $0.00248. An increase in buying pressure would set the 123.6% Fib retracement at $0.00276 as the next logical target for the price and, in highly ambitious cases, the 150% Fibonacci retracement at $0.0031. This would bring the total gains to 37% from the current levels.

HOT/USD Daily Price

Holo Price chart Jan 28
TradingView Chart: HOT/USD

Various technical indicators support Holo’s bullish thesis. To begin with, the HOT price has strong downward support offered by the 200-day Simple Moving Average (SMA) at $0.00193, the 100-day SMA at $0.0017, and 50-day SMA at $0.00157 embraced by the 50%, 38.2%, and 23.6% Fibonacci retracements respectively.

In addition,  the Relative Strength Index’s (RSI) position in the overbought region at 73 showed that buyers were in control of the market. Moreover, the Moving Average Convergence Divergence (MACD) was moving in the positive region above the zero line, with the histogram changing from faded green to deep green, a sign that more buyers were coming into the Holo market.

On the downside, the RSI showed that HOT was massively overbought. This suggested that the bullish momentum may soon run out of steam, occasioning a trend reversal, particularly if traders decide to book profits at current levels. This would cause an increase in selling pressure with bears taking over the market, leading to a decline in prices.

As such, a daily candlestick close below the lower boundary of the technical formation at $0.00209 could see the price drop toward the critical support levels offered by the 200-day, 100-day, and 50-day SMAs. In extreme cases, the price could drop further to the $0.00129 swing low, completing full retracement. 

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