- The HOT coin reclaims the 50 EMA in the daily time frame chart
- The HOT/BTC pair trades at 0.0000001926BTC with a gain of 5.4%
- The 24 hr volume for HOT coins is $265.5 Million
On September 29nd, the HOT coin suggested the end of its moderate retracement phase when the price bounced from the $0.0075 support by displaying a morning star candle pattern. This was a second bounce from this support, indicated the formation of a double bottom pattern in the daily time frame. The neckline of this pattern was at $0.0091, and the price has recently provided a strong breakout from this resistance level.
Concerning the EMAs: The HOT price shows a solid bullish trend with its price trading higher than the crucial EMAs 20 50, 100, and 200. Moreover, the 50 line was in confluence with the neckline of the above pattern, adding more confirmation for this breakout.
The RSI value is at 52, indicating a slightly bullish sentiment within HOT coins. However, the RSI has shown positive growth concerning the current price action.
The HOT Coin Price Is Trying To Sustain Above The $0.0095 Level.
In the 4hr time frame chart, the HOT coin chart shows a clear breakout of the $0.0095 resistance level, with a substantial volume surge supporting it. The price is currently trying to retest this level and see if it can obtain proper support. If the price manages to sustain above this level, the crypto traders can grab an excellent long trade in this coin.
The moving average convergence/divergence(MACD) indicator shows the MACD and signal lines are moving higher than the neutral zone (0.00), indicating the bullish sentiment in the coin.
Conclusion: from a technical perspective, the HOT coin shows an overall bearish outlook as the price has not yet confirmed that the retracement phase has ended. As mentioned above, the price offered breakout from a bullish pattern with its neckline resistance level of $0.0095; however, the coin price sustaining above this level and providing a proper through could confirm with the pattern with the breakout was genuine or not.
Support $0.0095
Resistance $0.0104