After months of consolidation, Bitcoin and other cryptocurrencies seem to be having a bullish breakout. Bitcoin has already jumped to over $42,000, while the total market cap of coins has jumped to over $2 trillion. Holochain price has been among the best performers in the past few days as its price rose to the highest point since February 18. Its market value has jumped to over $896 million.
Why is HOT price rising?
Holochain is a blockchain project that is a bit difficult to understand for most people without a technical background. However, it describes itself as an open-source framework that helps developers create peer-to-peer applications that are secure, reliable, and fast. A key differentiator between different projects is that its apps connect user devices directly and thus bypass centralized servers.
Holochain ensures security by encrypting all parts of the ecosystem. Holochain can be used in various industries like energy, currencies, social impact, and local economies. For example, on currencies, blockchain projects can create in-game currencies, barter networks, and loyalty points, among others. Some of the companies using Holochain are Red Grid, Junto, and Health Commons Connect.
It is unclear why the Holochain price has bounced back in the past few days. A likely reason is the launch of the ecosystem’s new roadmap announced this week. Holochain has completed five stages as part of this roadmap: Holochain Alpha 1, sharded gossip MVP, expansion of HDK feature set, countersigning, and launcher and scaffolding. The developers are now working on other features in this roadmap.
Holochain price prediction
The HOT price has been in a strong bullish trend in the past few days. Along the way, the coin has moved above the important resistance level at $$0.004, which was the highest point on March 1. In addition, it has moved above the first resistance of the standard pivot point. It is slightly below the second resistance while the Detrended Oscillator has moved above the neutral level.
Therefore, the coin will likely keep rising as bulls target the next key resistance level will be at $0.006. The alternative scenario is where the coin retreats to the pivot point at $0.0043 and then resumes the bullish trend.