- Helium coin is consolidating near May lows.
- HNT price is trading just above the lower band of the Bollinger Bands indicator.
- Amidst the consolidation phase, traders saw a 69% drop in trading volume last night.
Unlike the July-August crypto recovery, the HNT/USDT pair has been declining steadily for more than two months. On the daily time frame chart, a sustainable bottom-low in HNT value reveals the emergence of a downward parallel channel sequence. Buyers witnessed the breakdown of this bearish pattern last week.
During the weekly time frame in mid-July, HNT formed a Shooting Star candlestick. As a result, HNT recorded a five-week bearish close. Later this week, the altcoin is expected to trade lower as well, but bulls are attempting to defend themselves against further selling near the May lows.
In the shorter time frame, HNT crypto tends to fluctuate under a descending parallel channel, which may help the buyers to recover. But the bulls need to manage the HNT price above $6.0 – a necessary support level. Thus the altcoin is trading at the $6.5 mark at the time of writing.
On 22 August 2022, buyers saw the lowest level in the month for HNT’s market cap at USD 813 million. Meanwhile, the capitalization again fell to a monthly low, down 5.95% over the past 24 hours.
HNT is Trading at The Support Line of Falling Parallel Channel
HNT price is trading just above the lower band of the Bollinger Bands indicator. Amidst the consolidation phase, traders saw a 69% drop in trading volume last night. Moreover, the price of HNT pairing with BTC is 4.9% red at 0.0003044 satoshis. Moreover, the RSI indicator is standing at the door of the highly oversold zone.
Conclusion
The Helium coin gives life as it remains in a falling parallel channel on the daily time frame. Under this pattern, buyers can deposit HNT coins to save themselves from further bloodshed.
Support level- $6.0 and $5.0
Resistance level- $12 and $16
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/2022/08/26/helium-price-analysis-hnt-is-on-the-verge-of-breaking-the-buyers-hedge-level/