HNT Price Analysis: HNT testing the resistance of the descending triangle pattern

• HNT Token is making attempts to break the resistance of the descending triangle pattern
• The MACD indicator indicates bullish for the token on the daily chart
• However, the coin looks bearish on the hourly chart after failing a short-term resistance

HNT Token price has been on a descending triangle pattern on the daily chart for the past few months. The coin has successfully tested the support at $ 24.00 on the chart. The coin looks to now test the resistance downward sloping trend line. The volumes have been consistent for the coin over the alst few months. The coin has a good chance at breaking athe resistance after successfully testing the long-term support. The Moving Average Convergence Divergence (MACD) indicator indicates bullishness for the token.

HNT Token Price failed to break the resistance at $ 28.00 on the hourly chart. The coin was earlier trading in the zone between $ 28 and $ 31.40. The coin broke the support on a bearish momentum and took support at $ 24.10. The coin looks set to trade in the current zoen after having failed to break the resistance. It remains to be seen how the coin behaves over the next few trading sessions as the coin is at an important price point on the daily chart.

ALSO READ: Metaverse has a new entrant with a trademark filed by NYSE

Conclusion:

HNT Token is at a important price point on the charts as it tests teh resistance of the descending triangle after successfully testing the long-term support zone. Having said that the coin failed to break a short-term resistance on the hourly chart.

Support: $ 24.10

Resistance: $ 31.40

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 any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.