The recent Hooked Protocol price analysis indicates a bullish trend for the day, with the price experiencing a notable recovery. Bulls have made a strong comeback, raising the chances of further increase in cryptocurrency value. Although the price had dropped to a crucial level by May 31, 2023, today’s market trend has shifted in favor of the bulls. The value of HOOK/USD has shown a rise, reaching $1.469 following the bullish efforts observed today. However, caution is warranted as the price approaches the next resistance point, and the selling pressure could impede positive price movement.
HOOK/USD 1-day price chart: The return of bullish efforts leads to a price rebound
Based on the one-day Hooked Protocol price analysis, it is evident that the price is on an upward trajectory for the day, as the bulls have made a comeback on the price chart following yesterday’s correction. Despite experiencing a significant decline in the past week, the hook value is currently in a recovery phase. As of now, the coin is being traded at $1.469, reflecting a slight increase in value. However, these gains are relatively small, resulting in a 1.53 percent loss over the past 24 hours. The current moving average (MA) value stands at $1.457, while the SMA 20 curve remains below the SMA 50 curve, which is positioned at $1.462.
Observing the one-day price chart, it is evident that volatility is currently low, indicating the potential for reduced price fluctuations. The upper Bollinger band signals a significant resistance level at $1.552, while the lower Bollinger band signifies strong support at $1.372. Today, the Relative Strength Index (RSI) score has reached a value of 46, placing it near the center of the neutral zone. The slight upward curve in the RSI suggests buying activity in the market.
Hooked Protocol price analysis: Recent developments and further technical indications
The four-hour analysis of Hooked Protocol’s price confirms a robust bullish sentiment in the market, as the price has been trending upwards for the past eight hours. Today, there has been a notable increase in buying activity, driving the price up to $1.469. If the bulls maintain their momentum, we can anticipate further recovery in the HOOK/USD value. Turning attention to the moving average, it currently sits at the $1.477 level, positioned above the current price, indicating a positive outlook.
On the other hand, the volatility has been decreasing but is still high, and the upper Bollinger band is now settled at the $1.525 position representing the resistance, and the price has traveled above the mean average of the indicator giving a bullish signal, whereas the lower Bollinger band is at the $1.397 position. The RSI curve is moving ascendingly as well, and the score has enhanced up to index 51 above the center of the neutral region; the curve is still moving upwards, hinting at the buying activity.
Hooked Protocol price analysis conclusion
Today’s Hooked Protocol price analysis, both on the daily and hourly charts, reveals a noteworthy recovery in the coin’s value. This news is particularly encouraging for buyers, as the price has undergone a substantial increase. In the last 24 hours, the bulls have propelled the price from $1.443 to a high of $1.469 in a swift move. Furthermore, the hourly price chart exhibits promising results. Given these positive indications, we have a favorable expectation for the crypto pair to continue its upward trajectory throughout the day.
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Source: https://www.cryptopolitan.com/hooked-protocol-price-analysis-2023-06-04/