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Vikram
Apr 18, 2022
by Vikram

HNT Technical Analysis: $20 Fallout Proposes Retracement to $16

HNT
HNT coin price falls under the $20 support level with a surge in selling pressure displayed by the 7% bearish candle. Will the downfall reach $16?

Key technical points:

  • The bearish MACD histograms regain trend momentum. 

  • The HNT coin price has descended by 30% within two weeks.

  • Finally, the 24-hour trading volume of Helium is $30.19 Million, marking a 184% rise.

    • Past Performance of HNT

    HNT coin price fell by 30% in the past two weeks after facing immense supply pressure near the merged 100 and 200-day at $25, resulting in a downfall. The retracement cracks under the 50-day EMA and the psychological barrier at $20, which acted as the monthly support. 

    HNT Technical Analysis 

    HNT coin price action forms a solid bearish engulfing candlestick resulting in the monthly support fallout of $20. Moreover, the breakout rally shows off bearish commitment with the jump in trading volume. Hence, the downtrend is most likely to take support at $16.

    The crucial daily EMAs (50, 100, and 200) regain the bearish alignment after the 100 and 200-day EMA diverge to regain spread. Moreover, the falling trend of the EMAs reflects a solid underlying bearishness. 

    RSI Indicator: The sudden fall in the RSI values warns the slope crossing into the oversold zone. Moreover, the 14-day SMA continues to fall after breaking under the 50% line. Hence, the indicator reflects a high possibility of a downtrend continuation to $16.

    MACD Indicator: The MACD and the signal lines gradually lowering in the bearish territory suggests aggressive selling in the market with no signs of reversal.

    In a nutshell, the HNT technical analysis illuminates the possibility of a downtrend under $0.050.

    Upcoming Trend 

    If the HNT price offers a daily-candle closing below $20 support, the selling momentum will intensify and slump the coin price by another 16.2%.

    Contrary to the bullish thesis, if buyers push the coin price above the $20 level during the expected retest phase, the resulting fakeout would pump the price to the $26 mark.

    Support Levels: $16.4 and $14.3

    Resistance Levels: $20 and $22.5

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    Helium HNT
    HNT Technical Analysis: $20 Fallout Proposes Retracement to $16
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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