After making a bullish gain of more than 95% and finding support at $0.60, HYMC is currently trading under the bear’s influence. While the company generated a revenue of 0.24M in 2021, it saw a sharp decline in 2022 and generated a revenue of 8.76M. The investors are hesitant to support the price further. As a result, the HYMC price is seeing a decline of more than 95% and trading near its all-time low.
HYMC price trading under the descending consolidation channel (Daily Timeframe)
The Hycroft Mining Holding Corp (HYMC) is a gold and silver producer. It engages in the exploration, mining, and development of gold and silver properties. The Hycroft mine is an open pit heap leach operation that is headquartered in Winnemucca, Nevada. The company was founded on August 28, 2017. HYMC has a total market cap of 6.27M while its total revenue generated last year was 8.76M seeing a change of – 72.35.
Technical Analysis ( 1 Day Timeframe )
The HYMC price is currently trading under the 200 EMA. After trading under the 200 EMA for a few months, the price found support at $0.60. HYMC gained the buyers’ strong support and the price made an extremely bullish rally while breaking above its long-term resistance the 50 EMA 100 EMA and 200 EMA. Despite breaking the barrier with heavy momentum and a strong bullish candle, the price was unable to sustain above the key averages. It faced resistance at the $3.00 mark and made a bearish turn while losing 60% of its value and crossed below the 200 EMA.
The Relative Strength Index (RSI) line is currently trading below the median line while taking support from the 14 SMA. The current RSI value is 47.84 points trading above the 14 SMA which is at 39.55 points. The RSI line can either face resistance from the median line or cross above it at the current point according to the price action.
Conclusion
The overall market sentiments for HYMC price are currently trading in the bearish zone. After breaching its support zone around $1.80, HYMC price started trading under a down-trending descending channel. As of now, it is trading near the supply zone under the consolidation channel.
Technical levels:
Support – $0.100
Resistance – $0.55
