- Helium price is trying to recover itself back from the support at $6.50 over the daily price chart.
- HNT crypto still falters below 20, 50, 100, and 200-day Daily Moving averages.
- The pair of HNT/BTC is at 0.0003143 BTC with an intraday loss of 5.58%.
Helium’s price has been declining in a parallel downward channel, but the token has previously been able to escape from it. HNT, however, was constrained to the area by the horizontal range, where it was stuck. If the coin wants to get past the consolidation stage, it needs to draw buyers. In order to get out of the consolidation stage, the HNT coin has to draw buyers. The HNT currency has been consolidating at its 2021 lows, therefore it is now crucial for the bulls to give the token a push so that it can rise. HNT is currently on an uptrend as it approaches the consolidation period’s upper range.
Helium’s current CMP price is $6.73, a decrease of 6.56% from yesterday. During the intraday trading session, the trade volume also fell by 37.41%. This demonstrates the bears’ efforts to pull the token back down from the top range. The volume to market cap ratio is 0.02481.
For the HNT coin price to remain in the consolidation phase’s upper range, the bulls must provide support. When the token gets close to the upper range of the consolidation phase, short selling pressure may start to build. In the meantime, the volume change is below normal and must increase for HNT to go through the consolidation stage. Meanwhile, HNT crypto still falters below the 20, 50, 100, and 200-day Daily Moving averages.
What do Technical Indicators suggest about HNT Crypto?
HNT coin price needs to make an effort to climb toward the phase’s upper price range. The momentum of the HNT coin’s descent is shown by technical indicators. The HNT coin’s downward momentum is demonstrated by the relative strength index. At 32, the RSI is approaching oversold territory. The HNT coin’s bearish momentum is visible in MACD. The MACD line is below the signal line after a negative crossover. Investors in HNT must hold off until bulls maintain the top level.
Conclusion
Helium’s price has been declining in a parallel downward channel, but the token has previously been able to escape from it. HNT, however, was constrained to the area by the horizontal range, where it was stuck. If the coin wants to get past the consolidation stage, it needs to draw buyers. In order to get out of the consolidation stage, HNT coin has to draw buyers. The HNT currency has been consolidating at its 2021 lows, therefore it is now crucial for the bulls to give the token a push so that it can rise. The HNT coin’s downward momentum is demonstrated by the relative strength index. At 32, the RSI is approaching oversold territory. The HNT coin’s bearish momentum is visible in MACD.
Technical Levels
Support Level: $6.50 and $6.30
Resistance Level: $7.80 and $8.10
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/08/28/helium-price-analysis-will-hnt-make-its-way-back-from-the-support-area/