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- Helium price has declined from a descending triangle pattern as Bitcoin the dominator plummeted in the last few trading sessions.
- HNT crypto has slumped below 20, 50,10 and 200-days Daily Moving Average.
- The pair of HNT/BTC is at 0.0003163 BTC with an intraday drop of 3.41%.
Helium price is trying to gather support as it is declining with strong downtrend momentum over the daily price chart. HNT coin needs to attract more buyers in order to sustain at the current level. HNT coin has fallen below the descending triangle pattern on 15th August and the token has been bearish since then. HNT bulls need to accumulate themselves as the price action approaches the demand zone near the $6.50 mark. It’s a matter of time to see if HNT bulls will be able to reverse the trend or HNT coin keeps on decreasing its value in the ongoing bearish trap.
Helium’s current CMP price is $7.05, a decrease of 8.15% over the previous 24 hours. Contrarily, during the intraday trading session as well, trade volume increased marginally by 7.41%. This demonstrates that when HNT currency gets closer to the $6.50 level, bulls are attempting to offer support. Volume to market cap ratio is 0.01324.
For the HNT coin price to remain at the current level, the bulls must provide support. When the token gets close to the demand zone, there may be some modest buying. In the meantime, the average volume movement is visible and has to increase in favor of the bulls to allow HNT to retake the daily price chart. HNT bulls must gather themselves in order to take charge of the situation.
Will HNT Crypto Fulfill its Strong Desire to Get Support?
Helium price is trying to get support at the lower level and is trying to reverse the trend to let HNT crypto surge back over the daily chart. However, the conditions are pretty tough for the token as the whole cryptocurrency market is facing a dump situation because Bitcoin, the greatest dominator and influencer has slumped dragging the remaining altcoins.
Technical indicators suggest that HNT coin is being oversold at the moment. Relative Strength Index showcases that HNT crypto has entered the oversold territory. MACD exhibits the downtrend momentum of HNT coin. The MACD line is below the signal line after a negative crossover.
Conclusion
Helium price is trying to gather support as it is declining with strong downtrend momentum over the daily price chart. HNT coin needs to attract more buyers in order to sustain at the current level. HNT coin has fallen below the descending triangle pattern on 15th August and the token has been bearish since then. HNT bulls need to accumulate themselves as the price action approaches the demand zone near the $6.50 mark. In the meantime, the average volume movement is visible and has to increase in favor of the bulls to allow HNT to retake the daily price chart. Technical indicators suggest that HNT coin is being oversold at the moment. MACD exhibits the downtrend momentum of HNT coin. The MACD line is below the signal line after a negative crossover.
Technical Levels
Support Level: $6.55 and $6.40
Resistance Level: $8.20 and $8.50
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.
Saurav Bhattacharjee is in charge of the Broadcast development team of The Coin Republic.
He has been covering the Metaverse and NFT niche for the past 2 years.
With stellar interviews on his portfolio like Nicehash, Paxful, WallstreetWolvesNFT, Bitholla, Totemfi, EOS.io etc. Saurav has spearheaded the NFT SUPERSTARS AWARD and successfully hosted the first award in 2021.
