HOOK Price Prediction as Hook Protocol Token Surges

Hooked Protocol price has been one of the best-performing cryptocurrencies in 2023. The HOOK token soared to about $3, which was the highest point since December 11. A closer look reveals that the coin has more than doubled in the past few days. So, what next for the HOOK price?

Hooked Protocol is surging

Hooked Protocol has emerged from a relatively unknown blockchain project into one of the leading players in the sector. It is a blockchain project that owns a Web3 product known as Wild Cash that has millions of users. 

For starters, Wild Cash is a mobile application that anyone can download in the smartphones. It operates a quiz-to-earn platform where people can earn money in form of tokens by answering questions. As a result, through its model, millions of people looking to make some extra coins are using the app. Its Android app has more than 1 million downloads.

There are other ways of making money using Wild Cash. For example, one can refer their friends or social media users and earn rewards when they subscribe. Also, one can stake, swap, and transfer tokens in popular exchanges like Binance.

Hooked Protocol has two tokens: HOOK and Hooked Gold Token (HGT). HOOK is the governance token for the ecosystem while HGT is the ecosystem token that is used to reward users of the network. 

HOOK price is rising as the Wild Cash app gets more popular these days. At the same time, it has jumped because of the ongoing Fear of Missing Out (FOMO) as the crypto industry stages a recovery. Bitcoin has already moved to a five-month high of $23,000 while the total market cap of all cryptocurrencies jumped to over $1 trillion.

HOOK price forecast

Hooked Protocol price continued its comeback on Monday. It has been in a strong bullish trend, which saw it form an ascending channel that is shown in yellow. The token moved above the upper side of the channel on January 20th. Hook also rallied above all moving averages while volume remains being at an elevated level.

Therefore, while the overall trend is bullish, I suspect that the token will retreat in the coming days. If this happens, the next key level to watch will be at $2.20, which is about 20% below the current level. On the flip side, a move above the psychological level of $3 will invalidate the bullish view.