HNT Technical Analysis: Falling Channel Warns Against Downfall
Table of contents
Key technical points:
Past Performance of HNT
The high momentum bullish reversal in the HNT price resulted in a price jump of 30% that created a bullish engulfing candlestick. The bullish candle broke above the overhead resistance trendline and tested the $10 mark. However, the high selling pressure near the psychological mark resulted in a bullish failure leading to a retest phase.
Source- Tradingview
HNT Technical Analysis
The Doji candles forming near the broken resistance trendline increase the likelihood of a post-retest reversal in HNT prices. Moreover, the price action teases a potential morning star pattern formation and raises the possibility of a bullish reversal. The bullish reversal can result in the $10 breakout to test the 50-day EMA close to $12. However, the bearish alignment of EMAs can result in a bearish reversal.
The RSI slope in the daily chart shows a bullish reversal after a reversal from the halfway line avoiding a retest of the 14-day SMA and projects growth in underlying bullishness. Furthermore, the MACD and signal lines show a bullish rally ready to cross above the zero line. In a nutshell, HNT technical analysis indicates a high possibility of a post-retest reversal that may break above the $10 mark.
Upcoming Trend
If the buyers manage to inflate the HNT prices above $10, a price jump to the next resistance level at $12 seems inevitable. However, the 50-day EMA breakout can result in an extended bullish rally to the $16 mark.
Resistance Levels: $10 and $12
Support Levels: $7.5 and $6.25
