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Vikram
Feb 21, 2022
by Vikram

HNT Technical Analysis: $25 Fallout Increases Bearish Burden

HNT
The HNT coin price gives a head and shoulder fallout and takes support at $22.75. However, the increasing bearishness hints at $20 fallout.

The HNT coin price remains under the bearish influence of multiple resistances like a couple of trendlines, falling EMAs, and horizontal levels. However, the recent support near the $22.75 mark highlights the possibility of a bullish reversal to the 200-day EMA. Nonetheless, ahead and shoulder pattern hints at $20 fallout. 

Key technical points:

  • HNT coin price forms a head and shoulder pattern.

  • The falling EMAs tease a death cross possibility.

  • The 24-hour trading volume in the Helium token is $2.19 Billion, indicating an 85% rise. 

    • Past Performance of HNT

    The HNT coin price fails to rise above the 200-day EMA and falls below the crucial mark of $25 to find support at the $22.75 mark. The 18% downfall in the past 72 hours completes the fallout, and a potential retest-reversal from $22.75 could reach $25. 

    Currently, the market price of a single HNT token is $23.91, with a 5.77% spike in the last 24 hours. 

    TradingView Chart

    HNT Technical Analysis 

    The fallout of the head and shoulder pattern drives the HNT coin price lower to $22.75. The reversal possibility to retest $25 increases with the bullish candle forming to reach higher. However, the fallout of $22.75 will result in the $17 mark downfall.

    The crucial EMAs maintain a bullish alignment, but the falling slope indicates a high possibility of a death cross. Moreover, the token price trades below the 200-day EMA, indicating an overall bearish signal.

    The RSI Indicator shows the slope breaking below the crucial support of 40%, indicating a downfall continuation. Moreover, the falling slope of the 14-day SMA adds extra points to the bearish theory.

    The Stochastic RSI indicator shows the K and D line giving a bullish crossover in the oversold zone. However, the increasing selling pressure hints at the increased possibility of an early bear cycle. 

    In a nutshell, the HNT technical analysis projects a high plausibility of a post-retest free fall to $17.

    Upcoming Trend

    The HNT coin price gives a bearish pattern fallout with the technical indicators showcasing the underlying selling pressure. Hence, the growth from the $22.75 comes as a retest phase, and a bearish reversal is possible at any moment. 

    Traders can expect the upcoming bearish trend to break below the $20 to test the $17 mark. However, the reversal in action can retest $25.  

    Support Levels: $20 and $17

    Resistance Levels: $25 and $27.5

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    Helium HNT
    HNT Technical Analysis: $25 Fallout Increases Bearish Burden
    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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