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- Helium price had reclaimed 50 day EMA and formed a bullish reversal pattern
- HNT crypto price had recovered 113% approx from the 52 week low at $1.440 and continued the upward momentum.
- HNT price holds the $3.000 hurdle level but RSI curve entered overbought zone.
Helium crypto price is trading with bullish cues and bulls are trying to defend the $3.000 breakout level. The token prices are near the supply zone and forming a long tail Doji denotes the sellers are active and it will be difficult for bulls to hold the current levels. Currently, HNT/USDT is trading at $3.112 with an intraday gains of 2.47% and the 24-hour volume to market cap ratio at 0.0121
HNT price needs retracement towards 50 day EMA
On a daily time frame, Helium crypto price is on the recovery mode and bulls are trying to hold the $3.000 level but prices are forming long tail Doji candles from the supply zone indicating prices need minor retracement or consolidation for further upward movement. However, the bulls were likely to hold the prices above 50 day EMA (yellow) which will act as an important support level in coming days.
HNT prices took support at $1.454 and showed a surprising recovery of 113% with a massive volume spike in a short span of time indicating some institutional buyers might have taken long positions and expecting the prices to continue the upwards momentum.
However, on the higher side $3.500 is acting as immediate hurdle zone bulls followed by the next hurdle at $4.500. The probability of breakout increases if bulls will be able to hold the $2.500 support level in the coming days.
HNT prices are near the overbought zone which increases the chances of minor corrections. However if any short term correction triggers the $2.000 and $1.5000 will act as a support level for bullish investors. The MACD has generated a positive crossover and the curve is on rise indicates the strength of bulls whereas the RSI at 82 (overbought) may create trouble for short term traders.
Summary
HNT crypto prices had shown surprising recovery from the demand zone and have succeeded to gain the investors confidence. The technical analysis suggests that prices are near to overbought zones and minor retracement or consolidation will be good for further upwards movement. Therefore, traders may wait for a 50 day EMA rectracement for building fresh long positions for the target of $4.500 and above by keeping $2.000 as SL. However, if prices slipped below $2.000 the trend reversal will become doubtful.
Technical levels
Resistance levels : $4.000 and $4.500
Support levels : $2.450 and $1.450
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish 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.
