- HODL crypto has gained by more than 11% in 24 hours amid a slight spike in trading volumes
- The low-cap altcoin has also seen its market capitalization surpass $2.7M
As a seasoned crypto investor with battle scars from the 2017 bull run and the subsequent bear market, I must say that the recent surge of HODL (HODL) has caught my attention. With an 11% gain in 24 hours and a market cap surpassing $2.7M, it’s hard not to be intrigued. However, as someone who’s been around the block a few times, I can’t help but feel a sense of deja vu.
In the past 24 hours, the HODL token, which operates on the BNB Chain, has seen a 11% increase in value and was currently being traded at approximately $0.000289 per unit. Notably, during this period, the trading volume of this altcoin has grown by 7%, reaching $677,000.
Information gathered from the decentralized exchange platform, GeckoTerminal, indicates that HODL possesses a market capitalization of $2.7 million. Conversely, data obtained from CoinMarketCap reveals that the token boasts a reportedly self-circulating supply of 725 trillion tokens, placing it among the low-cap altcoins in the market.
This relatively young cryptocurrency, held by just 18,000 individuals, is susceptible to significant price fluctuations if trading activity increases sharply. For example, reaching a peak of $0.001022 on December 13th, it has since dropped by over 200% since then.
HODL crypto price analysis
As a crypto investor, I’m observing a bearish trend on my one-hour chart, which seems to be influenced by the selling activity dominating in the lower timeframes. The Relative Strength Index (RSI) reading of 44 indicates this trend, suggesting that there’s more pressure for prices to fall than rise at the moment. This doesn’t necessarily mean it’s time to panic sell, but it’s crucial to keep a close eye on market movements and make informed decisions.
This selling pressure could be due to profit-taking by traders who bought during the rally.
The Awesome Oscillator (AO) signal backed up the bearish perspective, as the AO’s bars were situated within the negative zone.
If these bearish trends prevail, HODL could plunge lower and erase the recent gains.
Can BNB Chain’s presence in DeFi stir gains for HODL?
HODL aims to provide Decentralized Finance (DeFi) services within the Binance Smart Chain network, currently placing it among the top five blockchains in terms of Total Value Locked (TVL).
Although it might generate some benefits for HODL, it must draw user engagement and compete effectively with the other decentralized finance (DeFi) platforms operating on the Binance Smart Chain to be successful.
Indeed, the Decentralized Finance (DeFi) sector has been leading the pack with impressive returns over the past couple of months. This promising trend might be a positive sign for long-term investors, or those who “HODL.
Will HODL sustain its gains?
Since hitting a record four days back, the value of HODL has dropped drastically by more than double due to traders cashing out, thereby intensifying the downward trend. Such extreme fluctuations in price are common among new cryptocurrencies, as minor shifts in trading activity can lead to substantial changes in token prices.
The pace of purchasing related to HODL has lessened, slowing down the upward trend. If selling pressure continues to prevail, it might intensify the descent and lead to a larger price decrease. On the other hand, an increase in buying actions could boost prices.
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2024-12-19 06:15