Hooked Protocol price analysis reveals a bullish trend today, with prices rising by 1.82% to an intraday high of $1.4170. Following the previous trading session, which saw an almost $1.23 percent increase, the HOOK/USD market appears to be on the rise in early trading. The support for HOOK/USD pair is seen at $1.38, where a bearish trend could take hold and the prices return to previous levels. On the upside, resistance for HOOK/USD is seen at $1.47, which would be extremely positive for market sentiment should it be broken. If this level is breached, then we may see further gains for the HOOK/USD pair.
Hooked Protocol price analysis 1-day chart: HOOK trades above $1.4170 after strong buying pressure
The daily chart reveals that the bulls have pushed prices all the way up to $1.4170, making it a high for this week so far. The 24-hour trading volume has also seen a rise, reaching $19 million, indicating that traders are expecting more upside in the near term. The market cap has also seen a significant rise from $66 million to $71 million, suggesting that bullish sentiments are taking hold of the HOOK/USD market.
The technical indicators are also in favor of the trend. The moving average convergence and divergence (MACD) has crossed over into the bullish zone, while the RSI is currently at 34.26. This indicates that the market is not overbought, which could be a sign of further upside ahead. The SMA is currently trending upwards, which is another sign that bullish sentiment is taking hold of the HOOK/USD pair.
HOOK/USD 4-hour price chart: Bulls struggle to make a breakthrough above $1.4170
The 4-hour Hooked Protocol chart shows the bulls have been in control for most of the day, with prices rising sharply from $1.4207 to $2.156. The price has increased significantly today as the bulls regained control. On a 4-hour price chart, the coin has been making higher highs and lower lows, indicating that the bulls are in control of the market. The price has been trading at $1.4170 for the past 24 hours and is expected to stay there because the bulls are in control of the market.
The relative strength index (RSI) indicator is at 37.81, which is the ideal level for buyers to enter the market. Furthermore, the MACD indicator shows a bearish crossover; however, this could easily turn into a bullish crossover if prices continue to increase. The SMA 50 is also trading above the SMA 200 line, indicating a bullish trend in the near term.
Hooked Protocol price analysis conclusion
Overall, Hooked Protocol price analysis shows that there is a strong bullish sentiment as prices continue to trend upwards and break past resistance levels. The demand for HOOK/USD appears to be increasing, and traders should look for opportunities to capitalize on the bullish trend if it continues.
