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Helium Price Traded Below EMA Levels: Bears Pulling the Price?

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Helium prices have faced selling pressure in recent times, showcasing bearishness on the daily chart.

The technicals for Helium Network Token (HNT) indicate that the price has been on a downward trend since March. Recently, there has been a negative pullback in the asset’s price, approaching the previous swing low.

The price has fallen below the important moving averages. If there is no participation from buyers, the price could reach the support level of $3.50 in the coming days.

HNT is the native cryptocurrency and protocol token of the Helium Network. As of the latest update, it traded for $4.51 with a supply of 164,920,928 HNT. The supply limit of the digital asset is 213,117,760 HNT, with a maximum supply of 223,000,000 HNT.

Moreover, the latest emission of HNT, according to Explorer.helium, is 41,415 with a supply staked at 12.39% “Percent of current HNT which is staked as veHNT on realms.”

Source: HNT address by bubblemaps

Helium token has more than 460,662 holders. According to bubblemaps.io data, a helium wallet ranked at no. 10 had a high transfer volume with a cluster percentage of 23.592%. This wallet has a high volume of transfers.

A Deep Dive Into the Technical Chart

Through the uptrend, HNT attempted to hold above $10 multiple times but failed, leading to a downward trend. During this decline, the bearish movement paused near the $3.50 resistance level and rebounded.

Buyers tried to push for an upward movement, but the price of Helium cryptocurrency encountered resistance around $6 and reacted negatively.

The HNT price has experienced a downward pullback, falling below the 200-day exponential moving average. The digital asset’s price retested the 20-day exponential moving average and dropped by approximately 6% within a short period.

If HNT fails to maintain the $3.60 level, sellers might drive the price down to the significant support level of $2. Conversely, if the price rebounds and surpasses the key moving average, buyers may target a new all-time high. The MACD indicator shows that the histograms have turned red, and a death crossover has occurred between the MACD and the Signal line.

Based on the Bollinger Band (BB), the price has descended below the midline and retested, indicating a potential further drop toward the lower band due to the bearish trend.

According to the technical chart, the price of Helium cryptocurrency may find support around the $4.50 and $3.80 levels. In the event of bullish momentum, the price rally may encounter resistance around the $6 and $10 levels.

Summary

Helium Network Token (HNT) has been facing selling pressure. The price has been on a downward trend since March and recently experienced a negative pullback, approaching the previous swing low. Moreover, the price has fallen below important moving averages, and without buyer participation, it could reach the support level of $3.50.

The MACD indicator shows a bearish signal, and the Bollinger Band suggests a potential further drop in price. The price may find support at around $4.50 and $3.80, with potential resistance at around $6 and $10 levels in case of bullish momentum.

Disclaimer

It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.

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