HNT Technical Analysis: Bears Break 200-day EMA; Aims To Reach $20
Helium seeks to improve the capabilities of wireless communication Internet of Things (IoT) devices. The infrastructure surrounding IoT was just beginning to develop, however, developers were looking to add decentralization to their offerings and hence refer to Helium in the form of "The People's Network" in the official documentation.
Its primary draw will be for users of devices and people looking to enter the IoT area as financial incentives provide additional opportunities for outreach.
Let us move ahead to read about HNT technical analysis.
Past Performance of HNT
The HNT coin price fell more than 40% in the past month resulting in a drastic correction phase. The downfall breaks below the $25 mark and the 200-day EMA. In the past week, the coin price gives the fallout of a double top pattern slightly close to the 200-day EMA. It may shortly result in a fall of 10%.
HNT Technical Analysis
The HNT coin price falls by almost 15% in the past week as it breaks below the $25 mark. Furthermore, in the past 24 hours, the price fell by more than 10% resulting in the fallout of the double top pattern. The free fall can reach the $20 horizontal mark.
The crucial Exponential Moving averages showcase the price breaking below the 200-day EMA as it gives a pattern breakout. Moreover, the 50 and 100-day EMA gives a bearish crossover.
The DMI indicator shows a sharp rise in the -DI line as it avoids a bullish crossover with the +DI line. The ADX line, however, is falling drastically and crosses below 20% reflecting weakness in the trend momentum.
The RSI indicator shows a rise in the bearish sentiment as the slope succumbs under the central mark and reaches the 14-day average. Therefore, the indicator reflects a downfall shortly.
That is why the technical indicators reflect a rise in selling pressure that may soon drive the HNT prices below the $20 mark.
Upcoming Trend
The breakout of the double top pattern in the HNT coin price reflects a rise in the underlying bearishness. Therefore, a revolt by the bears overtakes the trend control and aims to reach the next support level.
The falling prices can find support near the $22 and $17 horizontal levels that may halt the downtrend. On the opposite end, the resistance levels at $26 and the 200-day EMA can undermine any bullish attempts.