The Helium blockchain powers the People’s Network that aims to bring about innovations in decentralized wireless infrastructure. It is a Proof-of-Stake as well as a Proof-of-Coverage-based ecosystem. It provides a robust platform for building novel decentralized apps based on wireless technologies. HNT is the utility token of this ecosystem. Let us look at the technical analysis of HNT.
On Jul 19, 2021, HNT opened at $11. On Jul 25, 2021, HNT closed at $11.97. Thus, in the past week, the HNT price has increased by roughly 9%. In the last 24 hours, HNT has traded between $11.55-$12.62.
Currently, HNT is trading at $12.25. The price has increased from the day’s opening price of $11.97. Thus, the market seems bullish.
The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Hence, we can expect an intermittent price rise amidst an overall bearish trend.
Currently, the RSI indicator is at 47%. It faced rejection at 32% and rose to the current level. Hence, buying pressures are high. High buying activity will exert upward pressure on the HNT price.
Besides, the OBV indicator is rising steadily. Thus, buying volumes are gradually surpassing selling volumes. Hence, the price may increase further.
In short, all three oscillators have indicated a price rise. However, we have to wait if this price rise is a temporary market corrective action or the beginning of a trend reversal.
Currently, the price is above the Fibonacci pivot point of $12.05. The price may soon surpass the first Fibonacci pivot resistance level of $12.45. Thereafter, we have to wait and watch if the price rises further or falls again.
The price has tested and risen above the 38.2% FIB retracement level of $12.21. It may soon break out of the 23.6% FIB retracement level of $12.37 as well. If by day end, the price retests and falls below these levels, a price downtrend has probably set in. In that case, the price may decrease further tomorrow.