HNT Technical Analysis: Price Closer to the First Fibonacci Resistance Level of $20.42
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HNT Technical Analysis: Price Closer to the First Fibonacci Resistance Level of $20.42

April 7, 2021      Ankita Awasthi

The Helium Blockchain provides a robust decentralized wireless infrastructure. It facilitates mining, staking, and utilizing digital currencies for electronic transactions. It also provides a state-of-the-art platform for building highly scalable and cost-effective wireless infrastructure. HNT is the customized token of this ecosystem. The HNT technical analysis is as follows:

Past Performance

On March 31, 2021, the opening price of HNT was $10.05. As of April 5, 2021, the closing price of HNT was $18.43. Thus, in the past week, the HNT price soared by roughly 83%. In the last 24 hours, the HNT price has traded between $15.29-$21.

HNT Price Analysis

https://www.tradingview.com/x/CgVe1Whx

Day-Ahead and Tomorrow

Currently, HNT is trading at $20.04. The price has increased from the opening price of $18.46. Thus, the market looks bullish.

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The A/D indicator has risen. Thus, whale accumulation is higher than whale distribution. Heavy buying activity will exert upward pressure on the HNT price. Hence, we can expect the price to increase further.

The MACD and signal lines are positive. However, they are close to the zero line and may change signs soon. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Hence, we can expect an intermittent price pullback amidst a rising trend.

Currently, the RSI indicator is at 48%. It faced rejection at 44% and rallied to this level. Thus, buying pressures are slowly increasing. Hence, we can expect the price uptrend to continue.

HNT Technical Analysis

As per technical analysis, currently, the price is closer to the first Fibonacci resistance level of $20.42. By day end, we can expect the price to break out of the subsequent resistance level of $21.79 and $24.01, respectively, as the bullish trend is strong.

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The price has tested and broken out of the 23.6% FIB retracement level of $19.63. Thus, the bulls are very strong and the price upswing will continue tomorrow as well.

#Helium Blockchain #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.