Today, the Hooked Protocol price analysis is bearish. Today, the price of the HOOK/USD pair fell below $1.80 as bears pushed the trend downward. HOOK followed the general market trend throughout yesterday’s gloomy cryptocurrency market, when all the main cryptocurrencies were tumbling. However, at the moment, when cryptocurrencies are beginning to recoup some of their losses, HOOK is going against the trend and is in bearish territory.
HOOK/USD 1-day price chart: HOOK is experiencing market pressure as the price sharply declines
The 1-day price chart for Hooked Protocol price analysis shows a decline in price today. As the market continued to experience selling pressure, bears maintained their lead from the previous four days. At the time of writing, HOOK/USD has came down to $1.79, and a further decrease is possible.
The cryptocurrency pair exhibits medium volatility, and the sluggish convergence of the Bollinger bands is a bad sign for the cryptocurrency. The upper Bollinger band, which represents resistance, is at $2.30, while the lower band, which represents support, is at $1.68. This creates an average that is $1.99 over the current price level. Even though the RSI is in the neutral zone at 43, the Relative Strength Index (RSI) is also sloping downward, which indicates that there may be selling pressure.
Hooked Protocol price analysis: Recent developments and further technical indications
The 4-hour chart for Hooked Protocol price analysis demonstrates that the decline is still ongoing as bears push the price even lower. The price is still over $1.70 and inside the psychological zone as the bears continue their campaign. Signs of some recovery have also emerged, as at the moment the coin is recovering, but the recovery may get postponed as the indicators are signaling.
The volatility has increased on the hourly charts, but the Bollinger bands are on a downward breakout, which is a worrisome sign for the coming hours. The upper band is present at $2.02, and the lower band is present at $1.74. The relative strength index (RSI) is still in the lower half of the neutral zone at index 35. Additionally, the moving average (MA) is moving in the direction of the price level and is situated exactly above the price with a small point difference. It will be a bearish crossover, and we may see a further decline if it crosses below the price.
Hooked Protocol price analysis: Conclusion
The Hooked Protocol price analysis reveals that HOOK is currently observing a negative sentiment against the broader crypto market as bears take control of the HOOK market. The short-term price drop is not unpredictable, as HOOK was on a downtrend for the last few days, and the bearish trend may settle down soon as the coin may start recovering by the next trading session.
