HELIUM Token Price Analysis: HNT token price has fallen after facing rejection of a short term supply zone,what happens next?

• 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 $26.75.
• The token price forms a falling wedge pattern on a daily time frame.
• The pair of HNT/BTC is trading at 0.0005109 with an increase 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. The HNT token price forms a falling wedge 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. HNT 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 gave a breakout of 20 EMA, but failed to sustain and 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.

HNT token is forming falling wedge pattern daily time frame

HNT token price, as per the price action is forming a falling wedge pattern on the daily time frame and as a result, the technical indicators are seen turning bullish.

Relative Strength Indicator: RSI is trading at 53.90 after the Token faced rejection and fell. The RSI curve fell off the overbought zone and is also downtrend since the Token started falling.HNT Token has crossed the halfway mark of 50, and thus, the token price can rise to $27.65. The RSI curve has crossed the 20 SMA curve, indicating a bullish trend for upcoming days.

Average Directional Movement Index: ADX has been continuously dipping from the past trading days, and recently, it slipped below 20, as the token faced rejection at $26.65. The ADX curve is seen recovering, and it has turned upwards at present. Thus indicating a halt in the movement of the price and possible change in the structure of the price movement.

MACD and Supertrend are indecisive on the daily time frame

HNT token price is trading in a small range from the past trading days. The token can show impulse move after it breaks out on either side.

Supertrend: HNT Token price failed to break out of the super trend trendline at $27.64, the sell signal of the super trend indicator is still intact. If the price can break out of $27.64, the uptrend will turn bullish, until then investors should remain cautious till the trend is confirmed with a retest.

Moving Average Convergence Divergence (Bullish): MACD indicates a bullish trend on the daily time frame, giving a positive crossover. The buyer’s signal line(blue) crossed the seller’s signal line (orange) on the upside, indicating a possible breakout of the long-term supply zone at $23.82, which will push the price up to $31.05.

Conclusion 

As per the price action, CELO token price is forming a falling wedge bullish chart pattern. The technical parameters are also suggesting bullish momentum for the upcoming trading days. The investor should be cautious until the token breaks out on either side. It remains to see if the token breaks on the upside or bears trample the price down.

SUPPORT: $20.70 and $21.23

RESISTANCE: $31.05 and $26.9

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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.