HNT price action shows a bullish failure to rise above the 50-day EMA resulting in a retracement to $7.5. Should you expect a fall below $7.5?

Key technical points:
<ul>
 	<li style="font-weight: 400">HNT prices take dynamic resistance from the 50 EMA.</li>
 	<li style="font-weight: 400">The Stochastic RSI shows a bull cycle in motion.</li>
 	<li style="font-weight: 400">The 24-hour trading volume of Helium is $18.87 Million, reflecting a 30% drop. </li>
</ul>
<h2>Past Performance of HNT</h2>
<a href="https://www.cryptoknowmics.com/news/hnt-technical-analysis-will-hnt-sustain-above-16/">HNT</a> prices spiraled down drastically under the resistance trendline influence starting from 10th May, accounting for a 40% downfall. This dramatic fall reached the depth of $7.50 on May 12th, after which the buyers have been struggling to pass over the resistance trendline. However, the lower low formations lead to a descending support trendline formation despite the bullish failure. 

<img src="https://s3.tradingview.com/snapshots/f/FiHXIQ4S.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/FiHXIQ4S/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>HNT Technical Analysis </h2>
HNT price action shows a falling channel pattern in the 4-hour chart, and the ongoing bear cycle results in a reversal to the $7.50 support level. Furthermore, the increase in selling pressure hints at the support level breakout, teasing a downfall to the $6.25 mark.

The RSI slope shows a sideways trend below the halfway line, increasing bearish influence and teasing a potential 14-day SMA breakout. Hence, the breakout chances of $7.5 increase.

The K and D lines of the Stochastic RSI show a merged sideways trend below the overbought boundary in the 4-hour chart. Hence, the displays an underlying eagerness to start the bear cycle. 

In short, the HNT technical analysis displays a high likelihood of the $7.5 support level fallout.
<h2>Upcoming Trend</h2>
HNT prices breaking below the $7.5 support level will lead to a fall to $6.25 if the sellers surpass the $7 mark. However, a bullish reversal breaking above the resistance trendline will reach the $9.20 mark and the 50 EMA and will nullify the bullish view. 

Support Levels: $7 and $6.25

Resistance Levels: $9.20 and $9.20

HNT Technical Analysis: Bullish Twilight Hints At The $7.5 Fallout 

HNT price action shows a bullish failure to rise above the 50-day EMA resulting in a retracement to $7.5. Should you expect a fall below $7.5?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;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.

HNT Technical Analysis: Bullish Twilight Hints At The $7.5 Fallout

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