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- 1 The HNT price slipped below the key moving averages, depicting a selloff.
- 2 The Bulls are looking trapped and have unwinded their long positions.
The HNT price (Helium) signifies bearish momentum, and the coin dragging gains slowly & steadily for the past sessions. The price action showcases lower low swings and has breached the critical 200-day EMA support zone. The technicals favor the downside, and the coin is ready to retest the demand zone of $5 soon.
The mighty bear army has gained strength and is showcasing their dominance, leading to a decline of over 35% this month.
At press time, the Helium coin (HNT) price was trading at $5.76 with an intraday gain of 2.95%, reflecting neutrality on the charts. It has a monthly return ratio of -35.56% and 336.29% on a yearly basis. The pair of HNT/BTC is at 0.0000870 BTC, and the market cap is $561.97 Million. Analysts are neutral and suggest that the Helium coin price may face further selloff and slide toward the $5 mark soon.
HNT Price-to-Volume Profile Revealing Selling Pressure
Per the Santiment data, the Helium price-to-volume profile was showcased, revealing short build-up activity for the past sessions. After the rejection from the $10 mark, buyers failed to hold gains, and follow-on selling pressure was highlighted in the past weeks. The intraday trading volume declined over 33.76% to $9.91 million.
Price Volatility and Sentiment Analysis
The data indicates that the price volatility remained below average and showcased minimal fluctuations, noted at 0.014. However, the total weighted sentiment highlighting a positive outlook was noted around 1.657.
Social Dominance and Twitter Followers Overview
Amidst the price decline, social dominance and Twitter followers’ data noted steady moves. The social dominance data showcased neutrality, staying close to 0.128%, whereas the Twitter followers value revealed a steady move, noting around 400.
What Do Open Interest Activity and the RSI Indicate?
The derivative data indicates long unwinding activity, and the open interest declined by over 2.89% to $5.53 million. Additionally, the RSI curve slipped to the oversold region, signifying a negative divergence in the charts.
Per the Fib levels, the HNT price has retested the 23.6% zone and is close to the lower Bollinger Band support zone.
The total supply of the HNT coin is 97.70 million, whereas the volume-to-market cap ratio is 0.176, which stands at 31 per the market cap in the global crypto market.
Summary
The HNT coin price has slipped below the 200-day EMA zone and displayed retracement movements in the last sessions. The coin may continue eroding gains and retest the downside region near the $5 mark in the upcoming sessions.
Technical Levels
Support Levels: $5 and $4.70
Resistance Levels: $6.20 and $6.80
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
