Coin Edition -
- Captain Faibik observed that HOOK’s candlesticks were continuously hitting the trend line.
- HOOK is currently trading above the $0.7 level after a 2.33% surge in seven days.
- RSI’s bearish crossover could be a signal for bearish sentiment over the short period.
Earlier today, crypto analyst Captain Faibik observed that HOOK’s candlesticks were continuously hitting the trend line. However, after some time, the candlesticks were trading below the trend line unable to hit it for some time.
The crypto analyst pointed out that the recent movement by HOOK’s candlesticks could be a sign that it might “successfully break” it this time. He also predicted that if the altcoin breaks beyond the trend line, then, traders could expect a 2x bullish rally.
$HOOK seems Ready to touch the Trendline again, and there's hope that it might Successfully Break it this time. If the breakout is successful, We could expect a 2x Bullish Rally.#Crypto #HOOK #HOOKUSDT pic.twitter.com/UkNNXm3UBk— Captain Faibik (@CryptoFaibik) October 17, 2023
Hooked Protocol’s governance token is currently trading above the $0.7 level after a 2.33% surge in seven days. At the time of writing, HOOK is trading at $0.7724 with a fall of 0.71% in one day. Moreover, CoinMarketCap reported that HOOK has a market cap of $45,062,067. The trading volume, valued at $3,897,572, witnessed a fall of 7.01% which could be a sign of disinterest from the traders.
HOOK/USDT 3-Hour Chart (Source: TradingView)
Looking at the 3-hour chart, HOOK seems to moving in between $0.7862 and $0.7262. The recent uptick witnessed made it reach the top-half region of the Bollinger Bands. The bands have expanded slightly, however, the upper and lower bands are positioned exactly horizontally, which could also considered as a sign of consolidation. The red candlesticks formed could also be a sign of a possible downfall in the future.
The RSI can also further confirm a bearish market as it made a bearish cross after falling below the SMA. As the RSI is continuously dropping down, the candlesticks could also simultaneously make gigantic fall over time. The fall may continue to the $0.7262 support and may hold around that level for some time. To conclude, over the short time period, HOOK may face a fall soon.
The post HOOK Teeters on Brink of Explosive 2x Rally! Will It Skyrocket? appeared first on Coin Edition.