- A bullish crossover has been generated between the 20-day and 200-day EMAs.
- Hooked Protocol crypto price has jumped by 21.90% in the past two days.
In a broader time frame, the Hooked Protocol (HOOK) price has been bullish and has risen by 107% from its all-time low. Hook Protocol price has surged by 58% in a month and has surpassed the 200-day moving average.
The HOOK price has been in a bearish trend since the beginning of January and dropped by 33% to $0.800. But in February, the price took a reversal and rose by 58%, indicating buying momentum.
In mid-February, the Hooked Protocol price triggered a pullback and has jumped by 28% till now. The price has currently approached the last swing high, and bulls are dominating.
When writing, the Hooked crypto trades at $1.32 with an intraday gain of 7.11%. The market capitalization is $166.62 million, and the 24-hour trading volume is $32.05, which has increased by 23%.
The HOOK Price is Near Multi-day High; What’s Next?
The HOOK price has been facing resistance from the $1.40 mark for the last eight months. The buyers are trying to surpass the resistance level, but the sellers are in control. Besides, the price has dropped by approximately 45% in a few weeks.
On a daily time frame, the HOOK crypto price has been in a bullish trend for a month and has extended to the resistance level of $1.40. If the price faces resistance from the $1.40 mark, a profit booking for the short term can be expected. It may easily melt to the 200-day moving average.
However, if the Hooked protocol price fails to defend the 200-day moving average and sustain, sellers may become confident, leading to selling pressure. If the buyers lose the momentum, the price will melt to the $0.800 mark in a few weeks.
RSI is at 76 and heading for the overbought zone, which indicates a bullish trend. The Hooked Protocol price is trading over the significant moving average, showcasing the bulls’ dominance.
Hooked Protocol Price Technical Analysis on a 4-H Timeframe
In a 4-H time frame, the Hooked Protocol price has been in a solid bullish trend and is rising by taking support on the trendline. Recently, the HOOK price has jumped by 29% in less than two days after taking support on the trendline.
The HOOK price is rising by taking pullbacks and reached a 52-week high. Buying pressure can be expected if it holds the recent high and consolidates for some time. A sharp fall is possible if the Hooked Protocol price fails to sustain the $1.40 level and investors square off their position.
Conclusion
Based on the technical analysis of the Hooked Protocol (HOOK) price, it seems to be in a strong bullish trend and has surged by 107% from its all-time low. However, it is currently facing resistance at the $1.40 mark, which it has failed to surpass in the past eight months. If the price fails to defend the 200-day moving average and sustain, sellers may become confident, leading to selling pressure.
Technical Levels
Resistance: $1.40 & $1.70
Support: $1.00 & $0.80
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.
