HOOK’s value dips under $1.60, is there a possibility for the bullish sentiment to return? – Cryptopolitan

The Hooked Protocol price analysis reveals that the price has been trading low for quite some time as the bears have been causing continuous damage. Bulls have not been able to perform after May 3, 2023, as the consistent downtrend has been observed, and today bears have made another attempt at decreasing the price level further by dragging it down to the $1.52 mark. Last but not least, the current price level is the lowest of the last three months.

HOOK/USD 1-day price chart: HOOK is facing market pressure as it losses six percent

The one-day Hooked Protocol price analysis reveals a decline in its market value. In the last 24 hours, the price of Hooked Protocol has dropped to $1.52, resulting in a loss of more than six percent. Moreover, the coin has experienced a more substantial loss of 19.80 percent in the past week. This indicates a bearish trend in the market. Furthermore, the moving average (MA) of the coin is currently at $1.75 and has been trading below the SMA 50 curve, adding further evidence of the downtrend.

The current market situation shows a decrease in volatility, causing the upper Bollinger band value to shift downwards and represent the resistance. Meanwhile, the lower Bollinger band value has moved down to $1.59, and the HOOK/USD price has dropped below the lower band. Additionally, the Relative Strength Index (RSI) score has decreased and is following a downward trend, reaching an index of 32. This suggests bearish pressure and selling activity in the market, as it nears the oversold limit.

Hooked Protocol price analysis: Recent developments and further technical indications

The four hours Hooked Protocol price analysis also confirms the bearish trend as high market pressure was exerted on the coin’s price during the first eight hours of the trading session. This has brought the price down to the $1.52 level, and the bearish momentum has been intensifying over the past few days. However, some bullish activity has been observed during the last four hours. Moreover, the moving average in the four-hour price chart is currently at the $1.58 level, just above the price.

The recent increase in volatility has caused the upper Bollinger band value to shift to $1.83 and the lower Bollinger band value to $1.48, indicating support for HOOK price, collectively the Bollinger bands sow more volatility on an hourly basis. The RSI has turned upward as the buying activity is currently taking place in the market, but its curve at index 29 is still in the under bought range, the bearish pressure still exists in the market.

Hooked Protocol price analysis: Conclusion

The price has experienced a considerable drop in the last 24 hours, which has been confirmed by both the one-day and four-hour Hooked Protocol price analyses. This has led to a downward trend that has been persistent and consistently bearish, indicating that the bears have taken control of the market. The current price level of $1.52 is significantly lower than the previous levels, reflecting a lack of demand for Hooked Protocol in the market. It can be expected that The cryptocurrency will continue its bearish descent after maintaining its price for a few hours.

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