- HNT token price has been falling for the past couple of trading days and is now taking support at the short term demand zone of $23.76.
- The token price forms a symmetrical triangle pattern on a daily time frame.
- The pair of HNT/BTC is trading at 0.0005839 with a decrease of -2.08% in the market cap of the digital asset over the last 24 hours.
HNT Token price faces rejection from the upper level and takes constant support from the short term demand zone. The Token has been consolidating in a small range.HNT token price forms a symmetrical triangle pattern on the daily time frame, suggesting a big impulse move in either direction. The Token is currently trading below the vital Exponential Moving Average (20, 50, 100). The Token fell after facing rejection of 50 and 100 EMA. The Token was trading along with the resistance at the upper band of the Bollinger band indicator. Still, the recent bearishness in the overall cryptocurrency market has resulted in the token price falling to a lower band of the Bollinger band indicator. Volumes increased when the token breakout of 20 EMA has been falling since then. If the token price cannot move up from the current level, the bears will take the price down to $20.70 at the long term demand zone.
MACD and Supertrend is indicating a bearish trend for the upcoming trading days
HNT Token is falling after making a long wick rejection candle at the supertrend line. As per the price action, the Token is forming a double top pattern on the daily timeframe. If the support is broken, the price can fall to $20.70.
Supertrend: HNT Token price failed to break out of the super trend trendline at $33.08, the sell signal of the super trend indicator is still intact. If the price can break out of $33.08, the uptrend will turn bullish, and investors can look for long.
Moving Average Convergence Divergence (Bullish): MACD indicates a bearish trend on the daily time frame, giving a negative crossover. The seller’s signal line (orange) crossed the buyer’s signal line(blue) on the downside, indicating a possible breakdown of the long-term demand zone at $20.70, which will push the price down to $19.5.
HNT Token price is taking support at long term demand zone on the weekly time frame
HNT Token price is taking support at the long term supply zone, but it seems that bears will push the price down as the token price is forming a bearish candle at the support.
Relative Strength Indicator: RSI is trading at 46.65 after the Token faced rejection and fell. The RSI curve fell of the overbought zone and is also downtrend since the Token started falling.HNT Token is approaching the halfway mark of 50, and if it crosses below it, the token price can fall to $19.05. The RSI curve has crossed the 20 SMA curve, indicating a bearish trend for upcoming days.
Average Directional Movement Index: ADX dipped below 20 as Token’s price fell. The ADX curve is seen dipping further as the token price forms big bearish candles at the support of $19.05.
Conclusion
HNT Token price can stay in the bearish momentum for the upcoming trading days, as the different technical indicators suggest. The Token is in a bearish trend on various time frames as per the price action. It remains to if the bulls are able to take control and take price up to $33.00 or bears push the price down to $19.05, which seems likely.
SUPPORT: $19.05 and $20.70
RESISTANCE: $33.05 and $37.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.