- Helium price is trying to escape the consolidation phase over the daily price chart.
- HNT crypto fell below 20, 50, 100 and 200-days Daily Moving Average.
- The pair of HNT/BTC is at 0.0004868 BTC with an intraday drop of 5.30%.
On the daily price chart, the Helium price got stuck in the consolidation phase. To rise from the lower levels, HNT coin needs to break free of the consolidation period. The token is trying to leave the consolidation zone by getting support from bulls. For HNT currency to emerge from the consolidation stage, it has to attract more buyers. Bulls for HNT must step up to support the token and allow HNT to break through the consolidation area. HNT coin price needs to break out of the pattern by staying out of the grasp of the short-sellers. HNT coin price has been consolidating within the price range of $7.20 and $12.90.
Helium price is presently approximated at $9.72 and has lost 9.47% of its market capitalization in the last 24-hour period. However, trading volume has increased by 48% in the intraday trading session. This shows that buyers are trying to accumulate themselves to let HNT soar towards the upper trendline of the consolidation phase. Volume to market cap ratio is 0.1517.
With a strong upward momentum over the daily price chart, HNT coin price should emerge from the consolidation phase. The volume red bars represent the bearish trend of HNT cryptocurrency during the consolidation period. The lower trendline of the horizontal range-bound area is where the token is headed, so HNT bulls must hold the pattern’s edge. However, the volume change appears to be below average and in the bears’ favour. Bulls from HNT must come forward to save the token.
Support on the lower end is at $7.20 and resistance on the higher side is at $12.90.
What’s the Status of HNT Crypto’s Recovery?
HNT coin needs to break free of the consolidation period. HNT coin must attract more buyers in order to escape the consolidation phase and register its breakout. The token needs to accumulate buyers and should surge towards the upper trendline of the horizontal range-bound area, in other words it should soar towards the upper range. Technical indicators suggest the downtrend momentum of HNT crypto inside the consolidation phase.
Relative Strength Index showcases the downtrend momentum of HNT coin. RSI is at 46 and is heading towards the oversold territory and HNT investors need to wait for any directional change over the daily price chart.
MACD exhibits the downtrend momentum of HNT coin. The MACD line is about to cross the signal line downwards, registering a negative crossover.
Conclusion
On the daily price chart, the Helium price got stuck in the consolidation phase. To rise from the lower levels, HNT coin needs to break free of the consolidation period. The token is trying to leave the consolidation zone by getting support from bulls. For HNT currency to emerge from the consolidation stage, it has to attract more buyers. However, the volume change appears to be below average and in the bears’ favour. Bulls from HNT must come forward to save the token. Technical indicators suggest the downtrend momentum of HNT crypto inside the consolidation phase. RSI is at 46 and is heading towards the oversold territory and HNT investors need to wait for any directional change over the daily price chart. The MACD line is about to cross the signal line downwards, registering a negative crossover.
Technical Level
Support Level: $7.20
Resistance Level: $12.90
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.