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- HNT price fell in double digits in the weekly and monthly time frame.
- The downtrend created a FUD amongst the investors of Helium.
Helium price fell by about 50% in over a month, indicating an overpowering bearish trend in the HNT price action. The crash is attributed to the network confirming to delay its transition to Solana, pushing it back to April 18. While that decision was hard enough to shift investor sentiments, delisting of HNT from a leading exchange might have spread the wild fire.
The HNT delisting led to FUD and bulk liquidity outflows. This crash in HNT price induced panic sell-offs by investors, further pushing the price down. The delisting of HNT, prevents it from accessing large amounts of liquidity that would have otherwise been feasible, contributing to several reasons for a slow recovery.
HNT Price Analysis
HNT price crashed by 10.36% in the past week and 49.65% in over a month. The volume shows panic sell-offs made by investors. The falling HNT price may take support at $1.25 and plan for a future rally. The combined effect of delisting and delayed transition has pushed HNT price in bear territory.
The RSI moves about the 30-range to show sellers’ dominance in the market. The MACD moves displays positive divergence, recording buyer action, but can anytime turn negative as the lines are closely knitted. The bearish indicators hint at a delayed rectification on the downtrend. An uptrend is predicted near the transition, but the new date may witness a weaker rally.
HNT Dip by the End of 2023
HNT is currently valued at $1.36, marking an all-time low for Helium. If the price forms a rally, it may find a spot near $3.5, almost 2.5 times the current value. So if investors bought 100 HNT tokens at the trading price of $1.36, by the time prices reach $3.5, the investment will gain 2.5 times. The investment of $136, 100 HNT for $1.36 each, will value around $360. This will give an ROI of 164.71% over a year’s time.
Conclusion
Bears can hunt for HNT price dip, and wait for the rally near the shift to Solana. The current crash is a combined result of HNT delisting and delayed transition. The investors are provoked to execute a panic selling due to the continued fall in the price of Helium. The support near $1.25 could prove to be a solid support, and mark the commencement of a rally.
Technical levels
Support levels: $1.25 and $1.00
Resistance levels: $2.50 and $3.50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish 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.
