HOOK broke out of a descending triangle, recovering from recent lows near $0.08805.
Resistance remains strong near $0.1018, with key upper targets at $0.1227 and $0.2114.
HOOK/BTC pair gained 4.1%, showing relative strength despite tight USD price action.
Hooked Protocol (HOOK) currently trades at $0.0975, reflecting a 6.21% increase, with the chart showing a clear breakout from a descending triangle formation. The price action has remained compressed for weeks, but the current breakout signals a shift in short-term market behavior. While the token had declined steadily since April, recent structure shows HOOK attempting to reclaim levels last held earlier in June.
The chart shows a support region at 0.08367 where buyers have been defending price corrections with consistency. The recent trading range has been narrow with the price briefly trading beneath the $0.08805 mean indicating a 0.6 %negativity in the daily losses currently being turned around. These low-end bounces reinforce the support region as structurally significant during the current consolidation phase. Notably, HOOK's BTC pair moved 4.1% higher to 0.068233 BTC, suggesting strength despite mixed dollar-denominated movement.
Key Resistance Levels Remain Intact Despite Upside Move
Resistance for HOOK remains firm at $0.1018, with additional layers seen near $0.1227, $0.1371, and $0.1562. These levels align with previous consolidation zones from late April to early May. The price must surpass these resistance levels for sustained recovery to unfold. Upward movement may stall without significant volume to drive continuation beyond these points.
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The price also remains well below the 200-day moving average, which currently trends downward. Historical price rejection along this curve continues to cap gains. However, the green triangle breakout suggests HOOK is testing prior sell zones. How the price reacts near $0.1018 will determine momentum in the coming sessions.
Volume Builds As Price Moves Away From Compression Zone
Volume expansion accompanied the recent breakout from the triangle, which enhances the probability of further directional activity. The consolidation that preceded this move was marked by flat volume, typical in squeeze zones. As the price lifts, traders continue monitoring the distance between price and the support area near $0.0803, which serves as a local low.
The highlighted blue box on the chart suggests a wide projected range for July and August. If price holds current support levels, it could attempt to challenge higher bands around $0.2000 and $0.2114. For now, all attention remains on the strength of this early breakout and its ability to sustain above the initial resistance zone.
