Can this Bullish Pattern Continue Hook Token’s Bull Run?
Published 42 minutes ago by
Brian Bollinger The Hook token’s price surged 2000% in just minutes of its trading on Binance’s innovation zone. However, following this tremendous jump, the coin price is currently in correction, trying to stabilize its gain.advertisementKey Points:The Hook price sustainability above $2.3 could assist buyers in surpassing the $2.6 barrier.
A 4-hour candle closing below 2.15 will invalidate the bullish thesis, and prolong the current rally.
The Hook’s intraday trading volume is $133.8 million, which indicates an 8% loss.
What is Hook Protocol? The Hooked Protocol aims to increase Web3 adoption. It is creating the on-ramp layer that will enable future community-owned economies to flourish. They use Learn-to-Earn, gamified programs, and other gamified programs to accomplish their goals and help newcomers to the crypto space. HOOK is the Hooked Protocol’s utility and governance token and the primary means for gas payments. The Hooked Gold Token, (HGT), serves as a crypto incentive to token.Hook price analysis in hourly chartSource- Tradingview Trending storiesThe market value of Hook was significantly impacted by the launch of HOOK trading pairs via Binance. It soared 20X over its initial token sale price. The hourly chart shows that the prices reached a swing high resistance at $2.88, which is where the token began its ongoing correction. However, the bearish pullback sent the price down 25.3% to test the $2.15 mark for support. The HOOK token price also rebounded twice in the last two trading days from this support, bolstering the formation a double-bottom trend. This pattern is supposed to reflect price sustainability above bottom support and triggers a directional rally once the resistance neckline is broken. The token price was at $2.39 at press time and showed an 8.8% increase. This is due to the bullish candle breaking the $2.3 neckline resistance. It also saw increased volume, which indicates buyers’ confidence in reaching higher levels. Thus, the post-retest rally may drive the prices 21% higher to retest the $2.88 resistance.Conversely, a breakdown below the $2.3 support will undermine the bullish pattern.Technical IndicatorEMAs: the 20-and-50-day EMA wavering at the $2.3 mark, increasing the support power for this horizontal level.advertisementRelative Strength Index: The daily-RSI slope jump above the neutral line indicates the market participants share a bullish outlook for the Hook token.Hook Token Intraday Price LevelsSpot price: $2.39
Volatility is high
Resistance level: $2.62 and 2.87
Support level: $2.3 and $2.15
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