•HNT/USD is currently priced at $18.18 and has decreased by 5.92 over the past day
•The trading volumes have decreased by 2% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: Will Helium Crypto reclaim the crucial resistance?
The Helium Crypto price today is $18.18 USD with a 24-hour trading volume of $22,423,539 USD. Helium Crypto is down 5.92% in the last 24 hours. The trading volumes have decreased slightly over the past day with increased profit booking taking place at the current price levels. The Volume to Market Cap Ratio stands at 0.01063 for the altcoin.
Helium Crypto is in the midst of a downtrend as it trades below the 20,50 SMA on the four hour chart. Furthermore, the declining direction of the SMAs is indicative of an underlying bearishness. The Helium Crypto price remains under the bearish influence of multiple resistances placed at $20.50 and $22. If the bulls are able to reclaim these levels, a trend reversal could be on the horizon for the altcoin. However, a continuation of the said downtrend would likely see Helium Crypto fall to the support level placed at $16. If the bears put their foot down the gas pedal, the asset could fall even further to the support placed at $14.
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Long Term View for Helium Crypto Price
The technical indicators for Helium Crypto suggest a bearish outlook for the near term. The MACD indicator shows the gap widening between the MACD and signal line on the daily chart, while the histograms continue to be red. The RSI indicator on the daily chart is within a touching distance of the oversold territory, currently transacting at 33.45. This suggests that there could be a pause before the next selling wave, whilst the asset continues to descend.
Conclusion
Helium Crypto price analysis shows a downtrend after breaking under the monthly support with a bearish engulfing candlestick. With the influx of more volume as compared to the last week, altcoin is likely to continue on its descending path in the days ahead.
Support: $16-$14
Resistance: $20.50-$22
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.
Source: https://www.thecoinrepublic.com/2022/04/22/hnt-price-analysis-helium-crypto-price-action-insinuates-increased-selling-pressure/