- Helium price has fallen below the descending triangle pattern and has been bearish since then.
- HNT crypto has fallen below the 20, 50, 100, and 200-day Daily Moving Average.
- The pair of HNT/BTC is at 0.0002128 BTC with an intraday drop of 7.97%.
Helium’s price has been declining in a parallel downward channel, but the token has previously been able to escape from it. HNT, however, was constrained to the area by a descending triangle pattern, where it was stuck. If the coin wants to get past the bearish rally, it needs to draw buyers. In order to get out of the current bearish move, the HNT coin has to draw buyers. The HNT currency has been falling through 2021 lows, therefore it is now crucial for the bulls to give the token a push so that it can rise. However, HNT may gather support above $4.00 as it is the cryptocurrency’s strong support area. Meanwhile, HNT coin investors must wait for any directional change over the daily chart.
The CMP price of helium is $4.21 right now, down 8.29% from yesterday. However, the transaction volume increased by 63.95% during the intraday trading session. This depicts the bulls’ attempts to push the token upwards, but the bulls themselves must accumulate to give it a boost. The volume to market cap ratio is 0.04204.
The bulls must offer support for the HNT coin price to begin its recovery phase below the descending triangle formation. Short selling pressure may begin to increase as the token approaches the resistance’s upper band. Volume change is now below average and has to rise for the HNT coin. Meanwhile, HNT crypto has fallen below the 20, 50, 100, and 200-day Daily Moving Average.
What do Technical Indicators suggest about HNT?
The price of the HNT coin needs to work toward rising toward the descending triangle pattern. Technical indicators display the HNT coin’s descent momentum. The relative strength indicator illustrates the increasing trend of the HNT coin. The RSI is signaling a comeback from the oversold territory at 21. The MACD shows a bearish momentum for the HNT currency. After a negative crossover, the MACD line is lower than the signal line. HNT investors need to wait till the bulls keep the top level.
Conclusion
Helium’s price has been declining in a parallel downward channel, but the token has previously been able to escape from it. HNT, however, was constrained to the area by a descending triangle pattern, where it was stuck. If the coin wants to get past the bearish rally, it needs to draw buyers. In order to get out of the current bearish move, the HNT coin has to draw buyers. The HNT currency has been falling through 2021 lows, therefore it is now crucial for the bulls to give the token a push so that it can rise. Short selling pressure may begin to increase as the token approaches the resistance’s upper band. Volume change is now below average and has to rise for the HNT coin. After a negative crossover, the MACD line is lower than the signal line. HNT investors need to wait till the bulls keep the top level.
Technical Levels
Support Level: $4.00 and $3.85
Resistance Level: $5.00 and $6.50
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.