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- Helium coin has broken the descending parallel channel and is forming a 52-week low.
- The HNT token is trading 8.5% in the red while the market cap stands at $644 million.
- The daily RSI indicator has moved into overbought territory.
The Helium Coin (HNT) turned extremely bearish while the price action has been trending since it’s all-time high of $59.27. HNT forms a low-low and low-high formation in terms of the daily price scale, while the coin is trading at the $5.12 mark against USDT at press time.
Amid the sell-off, HNT crypto fell below a descending triangle pattern (white) in mid-August as well as the bulls failing to manage costs under the daily price scale (bearish parallel channel). Meanwhile, the coin has crossed the 52-week low and is heading towards a new 2022 low during the selling.
Bears follow sales on the rise, so each surge becomes a selling opportunity for them. Today HNT recorded a new low at the $5.07 mark and the $5.0 level is nearing the mark. Hence the bulls can find support there to save themselves from another downtrend.
In mid-July, sellers noted the shooting of star candles on the weekly time frame, so the crypto continues to form six bearish candles on the weekly time frame. Similarly, the market cap is recorded at $644 million, down 9.5% in the last 24 hours. Furthermore, the price of the HNT pair with BTC is down 8% at 0.0002534 Satoshis.
RSI Indicator May Display Recovery Indication Ahead
HNT price is trading below the red moving lines of the EMA Ribbon indicator in terms of the daily price scale. Moreover, the daily RSI indicator is moving into overbought territory.
Conclusion
The Helium coin (HNT) is extremely bearish from all aspects as traditional indicators continue to show downside for the asset. There could be a minor price recovery if the bulls manage the $5.0-immediate support.
Support level- $5.0 and $4.0
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.
