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Helium Price (HNT) Faced Rejection; Is the Correction Temporary?

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Helium Price (HNT) Faced Rejection; Is the Correction Temporary?
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Helium price prediction suggests that the HNT coin lacks the momentum and may test the $5.00 level before showing a bounce. It faced rejection from the $9.00 and reversed down, indicating that sellers are getting active. 

The chart pattern of the HNT crypto looks mildly overstretched and the price is overbought. So, it is obvious that correction will come. 

However, the question is how much the correction may extend. By analyzing the price behavior we can say that a 10% to 20% more decline is possible in the coming weeks. So, short-term investors and traders must be mentally prepared to face the challenges. 

The trend of the Helium crypto is still in an upward direction because the price is sustaining above the 50-day EMA. The bears are pulling the price downward. So, it will be interesting to see how the price will react near the EMA. 

If the buyers are present and succeed in halting the downfall, the possibility of a bounce will substantially increase. Currently, the HNT price is trading at $6.399 with an intraday decline of -0.82%. 

Will Helium Price Decline Further and Erode December Gains?

Helium Price (HNT) Faced Rejection; Is the Correction Temporary?
Source: HNT/USDT daily chart by Tradingview

Helium price is reversing down and showing initial signs of bearish trend reversal. However, the confirmation of the bearish trend reversal will come when the price closes below the 4.200 support. 

At present, sellers look more active as compared to buyers and more downfall may be possible. However, it will be difficult for the bears to pull the price below the 50-day EMA. The analysis suggests that the HNT crypto is mildly bearish so correction may continue for some more time.

Is Consolidation in HNT Price Possible?

HNT price fell 6.00% approximately in the current week and formed a bearish candle. If the price declines further and slips below $5.00, it may raise concerns for the long-term investors. 

The MACD curve displayed a negative crossover and the histogram formed red bars. It indicates that the price may continue to trade with a mild bearish bias. 

The RSI at 51 denotes neutral territory and an equal level of war between bulls and bears. So, the coin price may spend some time in consolidation before deciding on further direction. 

Conclusion

Helium price is mildly bearish for January 2024. It suggests HNT may decline further and test the $5.00 level. However, the 50-day EMA may act as an immediate support for bulls and buyers may try to halt the downfall. 

Therefore, it’s better to avoid building fresh longs until any clear sign of bounce back is visible. 

Technical levels
  • Resistance levels: $9.554 and $10.703
  • Support levels: $5.304 and $4.202
Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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