Technical analysis by gimferati about Symbol HOOK: Buy recommendation (1/8/2025)

HOOK/USDT Technical AnalysisThe chart shows an important support zone (box) between $0.388 - $0.358. This level is critical for maintaining the bullish structure. If the price holds above this zone, there is potential for a rebound toward the $0.45 resistance, aligning with key moving averages (SMA 55 and SMA 89).The recent breakdown below the trendline indicates short-term bearish pressure, but the oversold RSI at 36.21 suggests a possible recovery.Key Scenarios:Bullish:If the price holds the support zone and RSI moves upward, a test of $0.45 is likely.A breakout above $0.45 could extend the rally toward $0.48 - $0.50.Bearish:A breakdown below $0.358 may lead to further downside, targeting $0.32 or lower.Recommendation:Watch the volume closely to confirm a move, and consider placing a stop-loss below the support box to manage risk effectively.