Crypto deepdive - Hathor ($Htr)

Overview

This is one of a series of posts taking a deep-dive look at crypto assets. Each post will be updated on a weekly/fortnightly basis depending on what is happening in the market.

Some of these posts (like this one) will be free to access to give people an idea of what content is on offer but in the main these post are for subscribers.

This particular post takes an in-depth look at $Htr, covering:

• what it is

• monthly price action

• weekly price action

• daily price action

• what the influencers are saying about it

What it is

$Htr is Hathor labs, which presents itself as a scaleable and easy to use blockchain for digital assets. One of its main claims is its ease of use, to the extent that they say anyone should be able to create their own token in less than a minute. Whether that is a good thing or not is possibly worth pondering given the volume of pointless tokens already on the market. It’s also proposing “nano contracts” with transactions which do not result in extra fees, following Hathor's philosophy of feeless transactions.

Monthly price action

$Htr's monthly chart provides a classic example of the bull market pump (all the way up to $2.5) followed by a brutal dump (all the way down to $0.036). Its bear market performance has been pretty lackluster, never really threatening to break out of the range it been in since mid-2022. If $htr starts to run when the market really heats up though, there is potentially significant upside. Much like $tel, i favour $htr for a moonbag play rather than for a significant investment. Once it breaks out of its current range, it's 1000% to the low range pivot I've marked on the chart, over 2000% to the mid range pivot and almost 4000% to its all time high.

Weekly price action

The weekly chart provides a zoomed in view of the channel identified in the monthly view. After a strong bounce in early 2023, $Htr's price action has been extremely disappointing and indeed has not yet returned to the range highs. It's bounce at the end of 2023 faded quickly and recently lost diagonal support. Another bounce at current support is possible as long as $btc holds but if $btc dumps a return to the range low is not out of the question. Initial targets to the upside are clear. Key resistance at the important psychological level of $0.1 is likely to be challenging, and then a breakout from the range high at $0.12 is next. Compare this with, for example, the price action of $link which has broken cleanly out of the similar range it was in for most of 2023.

Daily price action

Zoomed in on the daily, we see pretty much the same story as the weekly chart told. The diagonal price trendline has been lost but price is still sitting at support around the $0.06 level. A safe entry would be to wait for both the RSI and price diagnonal trendline to break, with the former likely to coincide with a crossover into bullish territory.

What the influencers say

@_rare_rabbit_ on twitter has a similar perspective on the lost price trendline.

@cryptotreijn on twitter shows the importance of breaking through the current price level for further upside.