- A decrease of 18.66% has been observed in the HOOK crypto price during the weekly trading session.
- Moving averages suggest a bearish signal, while the oscillators show a neutral perspective.
- The 24-hour trading volume has surged over $6 Million with an increment of 6.37%.
Hooked Protocol (HOOK) provides immersive, gamified, and social learning experiences to drive massive Web3 adoption. The protocol focuses on three primary businesses: infrastructure, Academy, and Ecosystem. It has over 3 million monthly users and launched three decentralized applications (DApps) and products. The protocol has a native token called HOOK, a BEP-20 token secured by the BNB Chain.
Supply Changes, Holdings, & Valuation of HOOK April 2024
The maximum supply of the token is capped at 500 million, of which 141.80 million are in current circulation. The total diluted valuation of the protocol is estimated at around $405.53 million. The current market capitalization stands at $114.99 million. The cryptocurrency has a domination ranking of 380th out of 9,843 active cryptocurrencies.
The trading volume has reached $6.43 Million, with an increase of 6.37% in the last 24-hour session. It ranks 445th in terms of trading volume compared to the other cryptocurrencies. With the volume to market cap ratio (VMR) of 5.58%, the crypto is reflecting higher liquidity performance on popular crypto exchanges.
Overall, the cryptocurrency has 229,993 active token holders. The top 3 wallets collectively own 274.99 million tokens, which covers 55.00% of the circulation supply. However, all three token holders own the same percentage of 18.99% of the circulation supply, as per the data provided by BscScan.com.
Technical Analysis Of Hook Protocol (HOOK)
The bearish outlook lies below the key exponential moving average. The current price is moving below the 50-day and 200-day EMAs, indicating bearish sentiments in terms of market technicals. Both the EMAs can act as dynamic resistance for the price.
HOOK price has given a breakdown from the $1.13 key support level. The price declined over 35% to the $0.72 demand zone. Afterwards, the price retested the $1.03 immediate resistance level and is hovering above the $0.78 demand zone.
Regarding the technicals, if the price closes below the $0.72 support, the price will likely reach the $0.65 level. On the flip side, the price can surge up to the $1.25 mark if the price strikes above the $1.03 immediate resistance.
The relative strength index (RSI) shows bearish momentum in the current trading phase. This indicates the sellers have more control over price compared to the buyers. The RSI line is moving at 25.21 in the oversold area.
Summary
The Hook Network crypto has been facing strong selling pressure since March 29, 2024. The cryptocurrency has reflected over 50% opposing rallies since then. At press time, the HOOK price is hovering above the $0.78 demand zone. If the price closes below the $0.72 support, the price will likely reach the $0.65 level. On the flip side, the price can surge up to the $1.25 mark if the price strikes above the $1.03 immediate resistance.
Technical Levels
- Resistance Levels: $1.03 and $1.25
- Support Levels: $0.72 and $0.65
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.