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Vikram
Jun 25, 2022
by Vikram

HNT Technical Analysis: Reversal Pattern Could Pump Price by 38%

HNT Technical Analysis

Table of contents

  1. Past Performance of HNT
  2. HNT Technical Analysis 
  3. Upcoming Trend
Responding to a cup and handle pattern, the HNT price tends to breach the $12 resistance. Should you enter this breakout trade?

Key technical points:

  • The HNT price reclaims the 20-and-50-day EMA.

  • The HNT sellers mount a strong supply region at $12

  • The 24-hour trading volume of Helium is $26 Million, indicating a hike of 69%.

    • Past Performance of HNT

    Following the April-May bloodbath, which plunged the HNT/USDT pair to a low of $6.59, the coin traders witnessed a sideways rally bounded between the $11.2 and $6.75 mark. Furthermore, this consolidation phase shaped into a cup and handle pattern, indicating a reversal opportunity for coin traders.

    TradingView Chart

    Source- Tradingview

    HNT Technical Analysis 

    The HNT price is rising for the third consecutive day, registering an 18.55% gain. Furthermore, the bullish recovery rally hits the $12 neckline of the cup and handle pattern, indicating the buyer attempts to regain trend control. The DMI indicator shows a bullish crossover of the DI lines, and the falling trend in the ADX line represents a weakness in the previous bearish trend. Hence, traders can expect a bullish trend to continue after the range breakout

    The daily-RSI indicator showing sustainability above the equilibrium and 14-SMA slope accentuate the improving sentiment of market participants. The MACD indicator shows the fast and slow lines surge above the neutral line, providing additional confirmation for a $12 breakout. Moreover, the rising green bars in the histogram chart highlight growth in underlying bullishness. In a nutshell, the HNT price action forecasts a recovery rally to $16.5 if buyers trigger the Cup and handle pattern.

    Upcoming Trend

    If HNT buyers could manage a daily candlestick closing above the $12 neckline, the technical set-up should drive coin prices 36% higher to $16.5. On a contrary note, if sellers prevent the neckline breakout and sustain the altcoin below $12, the consolidation phase would continue for a few more sessions.

    Resistance Levels: $12 and $14.2

    Support Levels: $10 and $8.1

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    Helium HNT HNT Technical Analysis
    HNT Technical Analysis: Reversal Pattern Could Pump Price by 38%
    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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