- HOOK/USDT trades within a symmetrical triangle, with $0.3280-$0.3604 as key support and $0.52 as a crucial breakout target.
- A breakout above the descending trendline could trigger bullish momentum, while a breakdown risks deeper declines to $0.25.
- The volume shows signs of accumulation, suggesting a potential upside if resistance levels at $0.52 and $0.61 are surpassed.
The HOOK/USDT perpetual contract on Binance displays strong consolidation within a symmetrical triangle. Price compression is evident, reflecting market indecision. The lower support zone, which lies between $0.3280 and $0.3604, is crucial in determining how the price might go. A rebound can be sparked by a breach over the falling trendline, but further drops may result from losing this support.
The price action since late 2022 highlights significant volatility, with HOOK reaching a peak near $4.20 before entering a bearish phase. Lower highs and lower lows dominated the trend throughout 2023. Besides, mid-2023 brought a consolidation phase between $0.60 and $1.80, indicating reduced volatility. This phase demonstrated strong resistance near $1.80 and key support around $0.60, reflecting critical zones for traders.
Key Support and Resistance Levels
Between late 2023 and early 2024, the market consolidated into a $0.40–$0.60 band. The price tested support near $0.40 several times without breaking lower. Significantly, horizontal resistance levels at $0.52, $0.61, $1.01, and $1.71 remain critical for potential upward moves. A break above $0.52 could lead to intermediate resistance at $0.61, followed by the $1.01 psychological level.
The green support zone between $0.3280 and $0.3604 is crucial. Any breakdown below this area may lead to a sharp decline toward $0.25. Conversely, surpassing the descending resistance trendline could generate bullish momentum and aim for higher targets. Moreover, reduced trading volume in late 2024 indicates an accumulation phase, potentially setting the stage for a breakout.
Long-Term Trends and Volume Analysis
Long-term analysis reveals bearish tendencies, yet the prolonged sideways movement signals potential accumulation. Additionally, the declining trading volume aligns with the reduced volatility, emphasizing traders’ cautious stance. This setup may suggest a shift toward upward momentum if key resistance levels are breached.
HOOK/USDT faces critical junctures as it approaches the triangle’s apex. Consequently, traders should watch the $0.3280 to $0.3604 support zone and the descending trendline closely. Breaking these areas will define the next major trend.
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