- The Helium coin price trades in a narrow range after falling for 35 days.
- The token price has boosted by 4.07% in the last 24 hours.
Helium (HNT) was launched in July 2019. It was designed as a decentralized blockchain-powered network for Internet of Things (IoT) devices. The token allows the low-powered wireless device user to communicate and send data across with the help of its network nodes. The current ranking of tokens in CoinMarketCap is 123.
The Helium coin price is trading at $1.4444 with a trading volume of $2,749,575 in the past 24 hours. It has risen by 4.07% in the last 24 hours. The market capitalization of the token is calculated around $211,405,239. The current circulating supply of the coin is 143,934,821 HNT coins and the max supply of 223,000,000 HNT coins.
Helium (HNT) Coin: Technical Analysis
HNT coin has now got stuck in a narrow range of $1.4743 to $1.1.3485 after falling for 35 days. In the broader outlook of the chart, there is also a trendline resistance, which makes the price fall. There is support of $1.1373, which prevents the price from falling.
In the last trading session, the price tried to give a breakout of the narrow range. However, after giving the breakout, the price was immediately rejected and returned to the narrow range.
The token price is currently forming a red candle after facing rejection from the $1.4743 level and is falling. It is more likely to consolidate in range and could move up to the trendline or the $2.0000 resistance in the short term. If the price breaks above $2.0000 and sustains above it, this bullish rally can continue to the $2.4000 level.
However, for the price to continue its fall, it must give the breakdown of the narrow range. It may continue its fall to $1.1373. If it also breaks this level, the next possible target would be $0.9500 on the downside.
Technical Indicators On The Current Trend
The price is trading below the 50, 100, and 200-day EMAs. It has recently taken resistance from 50 and 100 ema. It shows the seller’s presence and control over the price.
The relative strength index is at 45.32. The RSI line slows downside, indicating more room for sellers on the downside and bearish sentiment over the price.
Conclusion
The Helium (HNT) coin price trend is bearish at the time of writing. However, the price can reach $2.0000 if it gives the breakout of the narrow range and the trendline resistance. For the price to continue its fall, it must give the breakdown of the narrow range. It may continue its fall to $1.1373. If it also breaks this level, the next possible target would be $0.9500 on the downside.
Technical levels
Resistance Levels: $1.4743, $2.0000 and $2.4000
Support Levels: $1.3485, $1.1373, and $0.9500.
Disclaimer
The views and opinions stated by the author or any other person name in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.