Helium Price Analysis: HNT Price Facing Correction Followed by a Gaining Phase, Is it a Blessing in Disguise?

• Helium price is falling inside a descending parallel channel over the daily chart.
• The crypto asset is trading below 20, 50, 100 and 20-days Daily Moving Average.
• The pair of HNT/BTC is at 0.00279 BTC with an intraday drop of 2.99%.

Helium price is falling inside a descending parallel channel after gaining at some instance the token is now trading with downtrend momentum over the daily chart. HNT investors need to look for the token’s recovery phase to register the token’s breakout. HNT bulls must come forward to prepare HNT for the escape. However, volume change signifies that HNT is currently experiencing peer selling pressure. This selloff should soon be stopped and HNT must escape the barrier to register its breakout by gaining strong uptrend momentum.

Helium price is presently CMP at $8.42 and has lost 1.71% of its market capitalization in the last 24-hour period. Moreover, trading volume has also decreased by 39.88% in the intraday trading session. This shows the ongoing selling pressure being experienced by the token. Bears are trying to pull the token back towards the lower trendline of the descending parallel channel. Volume to market cap ratio is 0.01498.

HNT coin price is trying to gather support from the bulls and right now the token is under control of bears. HNT investors need to wait until the token regains the uptrend momentum over the daily chart. However, gradually falling volume change below average signifies the token’s fall under bearish circumstances. 

Support at the lower end is at $6.70 and resistance on the higher side is at $10.00.

Will HNT recover back to $10.00?

Helium price is trying to gain the uptrend momentum over the daily chart. It looks like the token falters to escape from the bearish trap to regain till $10.00 primary resistance level. Technical indicators suggest bearish momentum of HNT coin. Relative Strength Index showcases that HNT is returning from neutrality and is heading towards the oversold territory. MACD exhibits the slight bearish momentum of HNT coin. The MACD line is heading towards the signal line for a negative crossover. HNT investors need to wait for any directional change over the daily chart. 

Conclusion

Helium price is falling inside a descending parallel channel after gaining at some instance the token is now trading with downtrend momentum over the daily chart. HNT investors need to look for the token’s recovery phase to register the token’s breakout. Technical indicators suggest bearish momentum of HNT coin.  It looks like the token falters to escape from the bearish trap to regain till $10.00 primary resistance level. HNT investors need to wait for any directional change over the daily chart. 

Technical Levels

Support Level: $6.70

Resistance Level: $10.00 

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.