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- HNT price has formed a downside parallel channel. The asset price has seen a fall of more than 4% in the intraday session.
- Technical indicators of the Helium are in favors of bears. Meanwhile, HNT/BTC pair has seen a fall of 3.8% in the past 24 hours.
Helium is a decentralized blockchain powered for IOT. It was launched in 2019 where the Helium mainnet allows low powered wireless devices to communicate and send data across its nodes. Nodes are formed in the form of Hotspots. Helium has an ROI of 1678% and has benefited various investors. The total supply of the HNT is 223,000,000.Helium aims to improve the communication of wireless IOT devices.
The asset has a market cap of $610,109,578 and is ranked 67th in the CMC. The volume of the HNT has seen a rise of 69% in the past 24 hours. The volume to market cap ratio of the asset suggests a strong upside trend for the price.
Technical Indicators Are Not In Favor Of Bulls
The weekly technical chart of the HNT suggests a consolidated trend in price. On coming to the daily chart the asset price is trading near the value of $4.8. The asset price is trading below the 50 and 100 Daily Moving Average. There can be a negative divergence in the Moving Average in the future.If the asset price goes above 100 DMA then a strong upside momentum can be seen. There is a downside parallel channel formation in the asset. The upside momentum of the asset can see a halt near $7. Meanwhile, the downside trend can see a bounceback near $3.
RSI: RSI of the asset price is near 24 highlighting its presence in the oversold zone. There is a positive slope formation in the RSI suggesting a upside trend. The overall sentiment of the RSI is bullish.
Conclusion
Helium coin price is currently consolidating with a downside parallel channel. If the coin price jumps above the parallel channel then a strong upside momentum can be seen. One should do their due diligence before investing.
Technical Levels
Major Support:$2.5-$3
Major Resistance:$7.8-$8
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
