Hooked Protocol price analysis reveals that the market is bearish for today as the price is trending downwards. The HOOK/USD pair is trading at $1.44, which is 2.02% lower than the previous day’s closing price of $1.462. The 24-hour low for Hooked Protocol stands at $1.43 and the 24-hour high stands at $1.48. The bearish pressure is intensifying, as the price has dropped by to its 24-hour high level. This suggests that the price of HOOK will continue to decline in the short term. The market capitalization of the asset is $72 million and is down by 2.14 percent in the 24-hour time frame, indicating that the sellers are dominating the market. The 24-hour trade volume of HOOK has also decreased by 25.83% to $11 million compared to the previous 24 hours. This indicates that investors are becoming bearish on the coin and are selling off their holdings in large numbers.
Hooked Protocol price analysis 1-day chart: HOOK/USD price drops to $1.44
The 1-day Hooked Protocol price analysis reveals that the price function was already experiencing negative pressure, resulting in a significant drop in the price from its opening of $1.472 to the current day’s low of $1.44. The support for HOOK/USD pair is around $1.43 and if the price does not recover from this level, it may decline further. On the upside, the resistance for HOOK/USD is currently around $1.48 and if the price recovers from this level, it may appreciate in the near future. The moving averages indicate that the bearish pressure is likely to continue, as the 7-day EMA has crossed under the 15-day EMA.
The RSI (14) for HOOK currently stands at 37.89 and is in the oversold territory, indicating that the bearish pressure is likely to remain dominant in the near term. This shows that the momentum of the price movement is shifting towards a downward trend, indicating that bears may be taking control of the market. The MACD indicator is currently in a bearish trend and indicates that selling pressure could continue increasing in the near future, further driving down the value of HOOK.
HOOK/USD 4-hour price chart: Latest development
The 4-hour Hooked Protocol price analysis also shows that the market is bearish and the price of HOOK has dropped by 2.02% from its opening value. The sellers are dominating the market and have pushed below the resistance zone of $1.48, making it vulnerable to more losses in the coming days. In addition, if bearish pressure continues for an extended period, then HOOK could also be in line for a price correction. Looking ahead, if the bulls can regain control of the market, then HOOK has a chance of climbing back up to its previous level of $1.43. However, until that happens, the token is likely to remain bearish for some time.
The technical indicators are also signaling bearishness in the market, and the RSI indicator for HOOK is at 51.64, which indicates that the asset is currently in a neutral state, meaning it could move either way and is not trending heavily in one direction or another. The MACD line has crossed below the signal line and is continuing to fall further into negative territory, indicating the bearish market sentiment in the near term. Furthermore, the SMA 50 and SMA 20 both took a downward turn, which is a strong bearish indicator.
Hooked Protocol price analysis conclusion
Overall, the market sentiment for HOOK/USD remains bearish, and it could be in line for more losses if bearish pressure persists. The selling pressure is likely to remain in control unless the buyers can reclaim the losses and push HOOK back up toward its previous level of $1.43. The technical indicators are in favor of the bears, so HOOK could remain bearish for some time.
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Source: https://www.cryptopolitan.com/hooked-protocol-price-analysis-2023-05-16/