If the market wasn’t moving downward, it should have formed consolidation around this level, gained strong support at 0.0063 for $BLUAI and then pumped upward.
$HOOK is trading within a clear horizontal range, with price currently hovering near the lower boundary of the channel. This area is critical, as buyers have defended it multiple times, keeping hook compressed and volatility low.
A confirmed breakdown below the channel support would favor a short setup, opening room for continuation to the downside. As long as hook remains inside the range, however, chop and fake moves are likely, so patience is key until a clean break occurs.