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 network. It also provides a robust platform for the development of novel decentralized apps based on wireless technologies. HNT is the native token of this ecosystem. The technical analysis of HNT is as follows.
On Jun 3, 2021, HNT opened at $15.60. On Jun 9, 2021, HNT closed at $13.88. Thus, in the past week, the price has decreased by roughly 11%. In the last 24 hours, HNT has traded between $13.48-$13.96.
Day-Ahead and Tomorrow
Currently, HNT is trading at $13.81. The price has decreased from the day’s opening price of $13.88. Thus, the market seems bearish.
The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to start rising.
Currently, the RSI indicator is at 71% – in the ‘overbought’ region. It faced rejection at 55% and rose to the current level. Thus, buying pressures are very high for HNT. Hence, the RSI oscillator is giving further credence to the bullish market momentum indicated by the MACD oscillator.
Besides, the OBV indicator is upward sloping too. Thus, buying volumes are higher than selling volumes. High buying activity will exert upward pressure on the HNT price. In short, all three oscillators have given positive signals.
HNT Technical Analysis
Currently, the price is above the Fibonacci pivot point of $13.77. The price may soon surpass the first and second resistance levels of $13.96 and $14.07, respectively. If the bulls remain strong, the price may even break out of the third resistance level of $14.25.
The price has tested and broken out of the 23.6% FIB retracement level of $13.85. It may soon break out of the 23.6% FIB extension level of $14.07. Thus, as of now, the bulls are strong. Hence, the price uptrend is expected to continue tomorrow as well.