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Hooked Protocol (HOOK) Price Surges Beyond Crucial Resistance, Anticipated Gain of 30% on the Horizon

The price of Hooked Protocol (HOOK) has broken above a significant horizontal resistance zone and confirmed it as support. It could rise by nearly 30% in the near future.

Key Resistance

The price of Hooked Protocol (HOOK) has been on the rise since hitting an all-time low of $0.63 in mid-August 2023. The upward movement was slow as the price encountered resistance at the crucial horizontal zone of $1.05.

However, during the week of December 4 to 10, the HOOK price successfully broke above this resistance zone (green arrow) and confirmed it as support over the past two weeks. This indicates that the bulls have gained control, and the upward momentum may accelerate in the coming period.

The weekly RSI (Relative Strength Index) supports this potential by just crossing above the 50 level and sloping upward.

Therefore, the HOOK price could rise to the next significant resistance zone at $1.53, representing a 29.65% increase from the current level.

Breaking above $1.53 would confirm that the long-term trend has turned bullish.

HOOK/USDT weekly chart . Source: TradingView

Daily Outlook

The daily chart supports the bullish outlook from the weekly timeframe. This is due to hidden bullish divergence within the daily RSI.

This divergence occurs when the RSI decreases, but the price remains steady above the previous resistance zone at $1.05. This indicates that the bulls are buying aggressively on minor dips.

Hence, the HOOK price may continue to rise towards the aforementioned target on the weekly timeframe.

HOOK/USDT daily chart . Source: TradingView

Conclusion

The most likely scenario suggests that the HOOK price will continue to rise towards the next significant resistance zone at $1.53.

This outlook would be invalidated if the price breaks down below the crucial support zone at $1.05 on the daily timeframe.

Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.

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