Holochain, Orion Protocol, and Dodo gain value by developing real-world solutions that solve scalability, data privacy, and excessive Ethereum costs.
The robust bull run in Bitcoin (BTC) and the enormous popularity of the DeFi area have attracted a slew of new cryptocurrency investors. According to Crypto.com, the number of crypto users increased dramatically. This went up from 66 million in May 2020 to 106 million in January of this year.
Contrary to common belief, new crypto users primarily interest in price speculation. Data from Unchained Capital shows that investors who acquired three to five years ago still hold and have no motivation to book profits.
The 2017 bull market saw a surge in low-cap altcoins. However, the current bull market has rewarded projects with solid fundamentals. Let’s take a look at three of these tokens, as well as their charts.
Holochain (HOT) intends to solve the scalability issues that have been a limiting factor in the crypto industry. It aims to restore people’s authority over their data and privacy by removing major businesses and middlemen.
Holo, a distributed peer-to-peer hosting platform, serves as the link between the web and the Holochain apps to accomplish this. Holochain hopes to make this technology available to anybody who can use a web browser to access the apps. If this is accomplished, the technology must be scalable, have rapid speeds, and be financially feasible. Holochain’s team feels they are on the right track to attaining this aim.
As part of the process, Holochain released Elemental Chat, a HoloPorts-based software. The company also intends to make it possible for web users to log into Elemental Chat via the HoloPort. The protocol’s scalability claims will test, and the project will be on a fine-tune as a result.
The team also provided an update on the Holo suite of products’ impending milestones, which will be on the public in stages in the future. If the team follows through on its promises, the protocol may gain traction with investors.
Holochain’s Trading Status
HOT also rose 442 percent in two weeks. From $0.0007817 on February 8 to an intraday high of $0.00424 on February 21. The relative strength indicator (RSI) rose above 92 on February 21. It indicates that the market severely overbought in the short term.
Profit-booking also occurred on February 22 and 23, bringing the price further down to the 61.8 percent Fibonacci retracement level of $0.0021028. The extended tail on the candlesticks on both days, however, suggested heavy purchasing at lower levels, which is a favorable indicator.
Stuck traders at higher levels, on the other hand, dump their positions on rallies.
A retest of $0.00424 is feasible if the bulls can drive the price over $0.00363. A break of this level might signal the start of the next leg of the uptrend. Thus, it could take the price to $0.0055629.
The pair might drop to the 20-day exponential moving average ($0.0020) if the bears plunge the price below $0.0028.