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- 1 Helium price is trading below key moving averages showcasing bearishness on the daily technical chart.
- 2 HNT price is down by almost 39.76% in the last month showcasing weakness in price momentum.
The current price of the Helium crypto (HNT) is experiencing a bearish trend and has been showing bearish patterns in recent sessions. The cryptocurrency is encountering difficulty sustaining gains above important moving averages and is currently on a downward trajectory. The crypto has experienced a decline of more than 39% this month, which highlights the bearish sentiment of the recent sessions.
Technical Analysis Of Helium Price
The momentum of the price reflects a bearish perspective on the relative strength index (RSI). This indicates that the selling has been stronger than the buying in the current sessions. The RSI is moving at 35.00, which is below the middle band of the 50-mark.
Traders and investors should remain calm in the current situation and wait for a clear break above or below the range before taking any action. This is to avoid the fear of missing out, which could lead to losses.
The current price requires significant support from the buyers to make a comeback. It is facing major resistance from the previous resistance points and multiple moving average levels. According to the candlestick patterns, the buyers seem to be taking control of the price movement.
Helium Crypto Price vs Volume Analysis
The volume and price graph displayed that the trading volume has decreased from $60 Million to $49.57 Million in the last few days and the price has also declined. In the last few days, the price has melted significantly. Trading volume has not declined further, so the price is expected to bounce back soon.
Helium Crypto Social Dominance vs Social Volume Analysis
The graph of social dominance and social volume shows that awareness and interaction on social media like X, Instagram, and Telegram have decreased. Momentum of Helium crypto price in the next few sessions may depend upon the social dominance and social volume.
Summary
In the long term, the prediction for Helium’s price is bearish as long as HNT cryptocurrency continues to trade below key EMAs. However, due to the current oversold state of the crypto, it is possible for a short-term pullback rally to occur. Based on technical analysis, it appears that the HNT price is currently under the control of bears. However, if a short squeeze is triggered, the price could regain strength.
Technical Levels
Support Levels: $5.300 and $4.749
Resistance Levels: $6.846 and $7.598
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
