- Helium price might soon take a retracement from its recent levels
- Helium price merging with Solana what will be its impact on price?
Helium price showed a bullish rally of 40% after the Solana team confirmed that the Helium network will be migrating to Solana on 27 march.
Helium’s blog said that after months of meticulous planning, they have announced March 27 as the date as the migration date to Solana. The current helium price is $2.97 with a change of -37% in 24-hour trading volume.
HNT taking a bearish correction
After the recent positive announcement from Solana regarding the migration HNT saw a positive bullish rally in the price of 40% but as of now, Helium is taking rejection from the price of $3.40, and after giving two bearish candles it now seems like that HNT might make a small bearish correction move in recent days. The buyers are currently rejecting the helium price at recent levels.
Technical Analysis on ( 4 Hour timeframe )
The HNT price is taking support from the 100 EMA on a four-hour timeframe while the 200 EMA is just below it making this level strong support the EMA’s are also providing a golden crossover in which the 50 EMA is crossing over the 200 EMA and the 100 EMA.
Helium price recently made a very bullish candle engulfing candle after three black crows candlestick patterns which is a bearish pattern. This bullish candle is often seen at the beginning of a positive trend reversal. While we are also getting a dark cloud cover pattern which is often found before the beginning of a bearish reversal if the second candle also closes as a red candle it can be said that the bullish trend might reverse.
Helium is taking resistance from the price level of $3.016 on the 4-hour timeframe while its recent support is at the price of $2.800 level. On the daily timeframe, HNT is taking resistance from the price of $3.45 while its current support is at the price level of $2.70.
As per the 4-hour timeframe Helium is trading under the 14-day SMA making consistent lower highs and lower lows presently the RSI line has crossed the median line trading around 46.43 points indicating the upcoming bearish correction.
Conclusion
The current situation describes that the buyers are not supporting the Helium price at the present price although because the news regarding the merging of helium and Solana did catch the investor’s attention chances are after a small correction price might again continue its uptrend.
Technical levels –
Support – $2.800
Resistance – $3.016
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/23/hnt-price-analysis-will-hnt-price-take-a-short-retracement/