Holochain has become a go-to platform for people looking for a blockchain alternative. Over the years, the project has gained traction due to its open-source framework that allows the development of microservices that run peer to peer applications entirely on end-user devices without servers.
However, in the markets, its native token, HOT, has struggled with prices being in a strong bearish trend. This month, HOT is already down by 16 per cent. The past few months have also posted similar results, with the month of May posting a price decline of 23 per cent. In April, Hot dropped by 40 per cent.
Looking at the year-to-date data, HOT prices have dropped by 66 per cent, which is consistent with a strong bear market. Long-term data also shows HOT has struggled in the markets for more than a year. The token hit its all-time price high of $0.03157 on April 5, 2021. Since then, HOT has dropped by 92 per cent to currently trade at $0.002493.
Holochain Price Prediction
In today’s trading session, HOT price is already down by almost a percentage point. Today is also the third consecutive trading session in which the price of HOT is falling. This is after a recent price recovery that resulted in an almost 30 per cent price gain in the market.
Using the chart below, my HOT price prediction is the prices will continue falling. Therefore, there is a high likelihood that we will see the prices fall and start trading below the $0.002400 price level. Also, based on the recent price action, it is likely that today’s less than a percentage price drop will continue to fall throughout the session.
However, if the prices reverse and trade above the $0.0025 (today’s price high) price level, my bearish trend analysis will be invalidated. It will also give credence to a bullish trend.