Recently, many fans have asked me to do a detailed analysis of the HOOK project, so today we will revisit HOOK.
Hooked Protocol is a social network project built on the blockchain, whose goal is to build a fairer and more transparent social ecosystem through token incentives and community governance. The project was inspired by the educational principles proposed by Mr. CZ, and has received investment from Binance IEO and Binance Labs. It is also the first IEO project after Binance CMO He Yi took office.
The core themes of the project revolve around social interaction and education. However, at the initial stage of the project, both social interaction and education were in their infancy, so the first phase of the project did not achieve great success. As technology continues to evolve, the project is also evolving, and the current launch of the HOOK 2.0 protocol plan will once again redefine learners' education in the field of cryptocurrency.
The HOOK 2.0 protocol aims to reform education by supporting innovation and influencing cryptocurrency understanding, creating the HOOKED 2.0 Web3 social learning ecosystem. Since learning is the cornerstone of society and success, the importance of learning in the crypto field is also the core concept of the project's 2.0 protocol. HOOK 2.0 hopes to build an inclusive education network that allows everyone to hold cryptocurrency.
Over the past year, HOOK has promoted crypto trading and started to build a decentralized university on the chain. However, due to the continuous updating of technology, this is also where the 2.0 version comes into play. The goal of HOOK 2.0 is to change the landscape of the crypto industry by educating users and create the world's largest social learning metaverse. As a token, HOOK will continue to use token economics and community governance to inspire more innovators and community supporters.
At the same time, HOOKED 2.0 uses the original token HOOK as a GAS token, further increasing the deflation rate of the original token and ensuring the original value and appreciation of the token. Users can also obtain more HOOK token rewards through ecological incentive selection, verification nodes and staking. Through the updated token economy, the incentive effect is more significant, which will definitely bring greater progress to HOOK community construction.
Price regression and trend outlook:
Due to the bear market in the early stage and limited market funds, the HOOK project faced more serious challenges in the fields of education and social networking, and the coin price once experienced a deep correction. However, in the recent Bitcoin boom, the overall price of HOOK coin rose by 74%, which is a very good performance.
With the launch of HOOKED 2.0, the project will surely further push the price of the coin to a new height. At present, the price of the coin has hit a new high near $1.24, and driven by the positive news of the project, the price of the coin has stabilized near $1.06 and has begun to rebound. As the positive news of the project continues to be released, it is expected to drive the price of the coin to break through the $1.2 position. Once it stabilizes, the upper resistance will be around $1.6, and there is still considerable room for growth.
In terms of support, the short-term support level is around $1.03, which is an important intersection of the Fibonacci retracement level, the Bollinger Band midline and the MA20-day moving average, and is considered an effective and strong support. A more solid support level is around $0.97, which is the intersection of the MA200-day moving average and the 50% Fibonacci retracement level, and is also the support of the bottom chip concentration area, so it can be regarded as a strong bottom position for building positions.
According to the current price operation, it may be difficult to establish a position at the second support in the short term, especially considering the recent release of good news, which may not give the opportunity to establish a position at this position. At the same time, the MA20 and MA30 daily moving averages have crossed the MA200 daily moving average, releasing a golden cross buy signal. Although the current price is stable again, the MA50 line will also form a golden cross with the MA200 daily moving average in the next few days. Once this signal appears, it will usher in a wave of gains. With the help of positive sentiment, breaking through the resistance level will be smoother.
For the trend after MA50 crossed MA200 to form a golden cross, you can refer to the situation of Bitcoin. In this trend, Bitcoin formed a golden cross from the bottom, successfully pushing the price from around $30,000 to around $44,000.
For the current tokens, if the holders can continue to hold and the bottom strong support is not broken, there is no need to worry too much in the short term. For investors who have not yet opened a position, they can wait for a slight correction in the market and open a position at the first support level near $1.09, and cover the position at any time.