The price of the Hook token sharply increased by 2000% within minutes of it starting to trade in Binance's innovation zone.
The potential of the Hook price to maintain itself over $2.3 might aid buyers in reaching the $2.6 mark.
The price of the Hook token experienced a sharp increase of 2000%.
The coin price is currently in adjustment after this enormous surge, fighting to maintain its gain.
The Hook price's ability to sustain itself above $2.3 might help customers cross the $2.6 threshold. If the 4-hour candle closes below $2.15, the bullish argument will be refuted and the current surge will be extended. The $133.8 Million intraday trading volume in the Hook indicates an 8% loss.
The Hooked Protocol is creating the on-ramp layer to create the ecosystem of next community-owned economies with the goal of massive Web3 adoption. To accomplish their goals and help even newbies in the cryptocurrency industry, they make use of the Learn-to-Earn idea and other gamified programmes.
The main method for paying for gas in the Hooked Protocol ecosystem is the HOOK utility and governance token. The Hooked Gold Token (HGT) also functions as a cryptocurrency incentive token.
Its market value significantly increased 20X above the price of the first token sale as a result of the introduction of HOOK trading pairs on Binance. The prices, however, hit a swing high resistance at $2.88, which is where the token started its current drop, according to the hourly chart.
Price fell 25.3% during the negative downturn, testing probable support at $2.15. Additionally, in the last two days, the price of the HOOK token recovered twice from this support, supporting the construction of a double-bottom pattern.
Theoretically, this pattern indicates that prices can hold themselves above the bottom support level and that the breakthrough of the resistance neckline will result in a directional rally. At the time of publication, the token price was trading at $2.39, up 8.8%, According to CoinGabbar.
A breakdown below the $2.3 support, on the other hand, will invalidate the bullish pattern.
EMAs: The 20- and 50-day EMAs are swaying near the $2.3 level, boosting the strength of this horizontal level's support.
Relative Strength Index: The daily-RSI slope jump over the neutral line, indicating a positive perspective for the Hook token among market participants.
Level of resistance: $2.62 and $2.87
Levels of support: $2.3 and $2.15
