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- Helium coin trades lower after breaking the support trendline.
- HNT coin moves towards 90-day low while staying in the red zone of Super Trend indicator.
- Traders saw an increase in trading volume as well as a 25% increase compared to the previous night.
The price of Helium broke the narrow sideways last week. Thus the HNT coins have gone down for the past few days. Price action appears to be in control of the bears as buyers turn aggressive with each rise. Now the altcoin price has reached the all-time low of 2022.
However, HNT coin looks bearish despite the recovery over the past three months, as bears manage the asset below the downsloping trendline. Later, the bulls may again see a selloff near the overhead resistance level (white). Meanwhile, at the time of writing, the altcoin was trading at the $6.8 mark.
On the daily price scale, HNT coin is moving towards a 90-day low while staying in the red zone of the Supertrend indicator. The altcoin is about to retest the low of $6.5, which is the last hedge of buyers. If buyers fail to maintain this support level, a further downside could be expected.
Why is HNT/BTC Pair Rising Against The USDT?
The market cap of the helium coin is a little less than 1.5%, at over $850 million according to the CMC. Traders saw an increase in trading volume as well as a 25% increase compared to the previous night. Moreover, the pair price of HNT related to BTC is up 5.7% at 0.0003242 Satoshis.
The RSI indicator has moved into oversold territory on the daily price graph. Moreover, the MACD indicator is moving below the neutral level.
Conclusion
The Helium (HNT) coin is set to hit a 90-day low before the end of this week. Now the bulls need to defend themselves above the $6.5 level for the HNT price to recover. On the other hand, if buyers fail to maintain this support level, a further downside could be expected.
Support level- $6.5 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.
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.
