Holo (HOT) Price Shatters 930-Day Resistance — Sets Sights on Yearly High
Can HOT Reach a New Yearly High? | Credit: Hameem Sarwar
Key Takeaways
- Holo (HOT) broke out from the $0.0026 horizontal resistance.
- The Holo price is in wave C of an A-B-C corrective structure.
- Will the HOT price increase lead to a new yearly high?
The altcoin market picked up in November, and HOT has been no exception. The price increased nearly 80% since the start of the month, breaking out from a 930-day resistance area and closing above it.
Since no resistance is left until the yearly high, HOT may accelerate its upward movement even more, surging past previous highs. Let’s look at the HOT price movement and see how likely this is.
HOT Price Breaks Out
The weekly time frame HOT chart shows that the price has increased since its low of $0.0010 on Aug. 5. The upward movement was gradual initially but accelerated in the first week of November.
This week, HOT reached a high of $0.0032, breaking from the $0.0026 horizontal resistance area.
The breakout is critical since the area had previously provided resistance for 930 days, except for a deviation in March (black circle) that could not be sustained. Now, no more resistance is left until the yearly high of $0.0052.
Technical indicators support the breakout. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are increasing and above their bullish thresholds at 50 and 0, respectively.
So, the weekly time frame analysis suggests the price increase is just starting, and HOT will reach a new yearly high soon.
Well-known analyst World Of Charts suggests that a 250% upward movement awaits. Let’s look at the wave count and see how likely this is.
HOT Yearly High
The long-term wave count aligns with the price action and indicator readings, suggesting that HOT will reach a new yearly high. According to the wave count, HOT is in wave C of an A-B-C corrective structure (black) that started in October 2023.
If wave C has the same length as wave C, the HOT price can reach a high of $0.0058. This would coincide with the resistance trend line of an ascending parallel channel.
However, due to the lack of overhead resistance, wave C may extend to 1.61 times the length of wave A.
In that case, the HOT price could reach a high of $0.0088 before correcting.
If HOT increases above this level, it could mean that the price increase is impulsive instead of corrective.
At the current time, there are no signs that suggest this will be the case.
Bullish Trend Ahead
Holo’s breakout above a long-term horizontal resistance area confirms the beginning of a new upward trend.
HOT will likely reach a new all-time high soon, targeting $0.0058 and possibly $0.0088.
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