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Looking at the hourly chart of Hook/USDT, HOOK is trading relatively close to its support area at $1.6578. The resistance 1 lies at $2.3456, while the resistance 2 resides at $3.0420. If HOOK can break its current resistance 1, we can expect HOOK to reach $3.
However, the bearish market trace can be seen as HOOK is under the 50 and the 200-day moving average lines. HOOK still needs to cross over 200 MA and rise higher to the resistance to have a bull market.
The hourly RSI lies at 31.29 and is positively sloped from the oversold region. However, it is still close to the oversold region, so investors must watch a few confirmation signals before buying HOOK.
At the same time, the Stochastic Oscillator shows a bearish crossover indicating that price action is heading lower. Looking at the Bollinger bands, they tend to expand as the market has strong bearish volatility. The upper band is at $2.3093, while the lower band is at $1.8146, which also acts as a resistance and support level for Chiliz.
Looking at the indicators, the MACD indicator shows that the MACD line is trying to break above the signal line and is very close to it. If the buying pressure increases, we might see a bullish divergence on the MACD indicator followed by high prices.
One of the first platforms to combine learning and cryptocurrencies with GameFi technologies is the Hooked Protocol (HOOK), which uses games to educate both novice and seasoned crypto investors about the Web3 world.
According to the CoinMarketCap, HOOK price fluctuated negatively by 16.53% within the previous 24 hours. Moreover, the trading volume and market capitilization were also down by 53.65% and 16.67%, respectively, in the past 24 hours. The all-time high price of HOOK lies at $3.09, attained 2 days before, while the lowest price is at $1.91.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.