HNT Fell by 5.7% During the Last 24 Hours – Technical Analysis
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HNT Fell by 5.7% During the Last 24 Hours – Technical Analysis

March 23, 2021      Ankita Awasthi

HNT (Helium) is a cryptocurrency earned by Hotspots for validating and providing wireless coverage when devices connect on Hotspots. The People’s Network creates an entirely new wireless economy that flips the traditional telecom model of building wireless infrastructure on its head. Using a Burn-and-Mint Equilibrium token model, The People’s Network utilizes two units of exchange: HNT and Data Credits.

HNT Price Analysis

Past Performance

On March 11, 2021, HNT opened at $6.86. As of March 22, 2021, HNT closed at $8.39. Thus, in the past month, the coin’s price has increased by roughly 19%. In the last 24 hours, HNT has traded between $8.840 and $8.297. This is showing a falling trend. It has fallen by 5.7% during this period and continues to show a trend reversal.

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Days-Ahead and Tomorrow

Currently, HNT is trading at $8.309. The price has declined from the opening price of $8.840. Thus, the market looks bearish.

The MACD and signal lines are in the negative territory. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish, and we can expect a further price pullback.

Currently, the RSI indicator is at 80%. It has just rallied from the ‘oversold’ region. Thus, it is a good time for traders to lie low. The selling and buying both seem to be in a weak region. Hence, we can expect the price to fall further.

The A/D indicator has been decreasing in the past 24 hours. Thus, whale accumulation activity is quite low. Heavy buying will exert upward pressure on the HNT price. There is a positive divergence here. Hence, as expected the price is falling and giving an opportunity to the swing traders to find divergence and trade.

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HNT Price Analysis

Presently, the price is below the Fibonacci pivot point of $9.646. It is nearing the first support level of $8.490. If the bears remain strong for some more time, the price is likely to fall below the second support level of $8.080. However, it needs to have some more momentum for the next 4 hours to really cross this.

The price has tested and fallen below the 76.4% FIB retracement level of $10.393. If it does not retest and break out of this level by day close, then the downtrend will continue tomorrow as well. As of now, it is nearing the 138.2% FIB retracement level of $9.236.

#Helium #HNT
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.