Last week, Holo was the talk of the town in the world of cryptocurrency. This is not entirely surprising, as the altcoin went through a major bull run in very quick succession. As was to be expected, that uptrend could not be sustained indefinitely. Following some steep losses, it remains to be seen what will come next for the Holo price over the coming days.
Holo Price Faces Major Resistance
It is not entirely surprising to see all “pumped” markets retrace significantly when the Bitcoin price rises again. Although Holo might not have been a blatant pump, its value still rose in astronomic fashion all week long. Over the weekend, a few cracks in the facade became apparent, which seems to indicate interest in this project is waning. At the same time, none of the losses appear insurmountable under the current conditions either.
Over the past 24 hours, there has been a significant Holo price retrace. More specifically, the altcoin lost as much as 5% in USD value, dropping the price to $0.001253 again. The BTC losses – 6.2% – and ETH losses – 5.8% – only add more fuel to the fire. For the time being, it remains unlikely the 42 Satoshi will be reached again, although stranger things have happened in cryptocurrency over the years.
On social media, the opinions on Holo have become somewhat divided, by the look of things. More specifically, it appears Sveddreamer is still excited about HOT and considers it one of the more appealing investments for 2019. A rather strong opinion, especially given the most recent market dip. Even so, this market seemingly needed a breather after the strong gains, which is only to be expected.
Tell me what project you are most excited about for this year!
— sveddreamer (@sveddreamer) January 30, 2019
The overall chart for Holo paints a very interesting picture in many different ways. Although few people actually look at HOT/USD, it is evident the most recent uptrend was bound to come to an end fairly quickly. There are still solid gains for those who bought in very early, but for now, the uncertainty seems to make this altcoin a bit less appealing to investors and speculators.
Friend sends me some basic chart work on #holo #hotusd and although I appreciate the gesture #crypto is simply to fickle for charting especially subpenny IMO. Exiting my #holo above .00153 from .00097 buy for a 57% gain. Leaving 10% of profits on for runner or bagholder purposes. pic.twitter.com/YjqMV5ejrb
— QE Trader (@QETrader) January 30, 2019
It doesn’t happen all that often one sees a funny meme in relation to Holo. Today is a different day in this regard, as HoloIslandNews has shared a bit of joy with all Holo speculators. Although it remains to be seen how things will evolve in the coming weeks and months, this expected $1 price target will not necessarily happen anytime soon. That in itself is a far too lofty goal for this project at this time.
— HoloIslandNews (@HoloIslandNews) January 30, 2019
When keeping all of this information in mind, it quickly becomes apparent the coming days and weekend may prove to be very interesting. Although there is a chance the Holo value will rise again, the current lack of buy support near the 37 Satoshi level seems to indicate nothing major can be expected as of right now. The currency has had a good run last week, but it seems speculators and investors are already looking for the next wave to ride.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
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