Helium Price Analysis: HNT Continued to Rally Bearishly Towards the Lower Range, Wait for Bulls to Sustain!

• Helium price is currently trading with strong downtrend momentum towards the lower price range of the horizontal range-bound area over the daily chart.
• HNT crypto has fallen below the 20, 50, 100, and 200-day Daily Moving Average.
• The pair of HNT/BTC is at 0.0002062 BTC with an intraday gain of 1.45%.

During the intraday trading session, the price of helium is under intense selling pressure and is currently trading with significant bearish momentum. In order to break out of the range it has been trading in since August 2022, the HNT coin has to draw in additional buyers. For the HNT coin price to move the token above the daily chart, buyers must swell. After consolidating for a time, HNT initially fell through a descending parallel channel and became locked within the descending triangle. Then, the token was rejected from the pattern and has been attempting to gain support ever since. Investors in HNT must wait until the price of the HNT coin moves outside of the $5.75–$3.35 range.

Helium is presently priced at $4.06 on the CMP, an increase of 0.17% from yesterday. The volume of transactions decreased by 22.16% during the intraday trading session. It demonstrates the bears’ attempts to lower the token from its highest range. The volume to market cap ratio is 0.02903.

Source: HNT/USD by TradingView

To stay in the higher range of the consolidation phase, the price of the HNT coin needs support from the bulls. Short selling pressure may start to increase as the token approaches the top level of the consolidation phase. For HNT to enter the consolidation stage, the volume change must rise since it is presently below average.

Will HNT Recover back from the Lower Range?

Source: HNT/USD by TradingView

On the daily price chart, the price of HNT coins is obviously trending downward. Technical indicators display the HNT coin’s drop momentum. The relative strength index depicts the downward movement of the HNT coin. At 37, the RSI is getting close to becoming oversold. The MACD indicates that there is a bearish momentum for the HNT currency. The MACD line and the signal line are set to undergo a negative crossing. Before the HNT token can be saved, investors must wait until bulls have built up.

Conclusion

During the intraday trading session, the price of helium is under intense selling pressure and is currently trading with significant bearish momentum. In order to break out of the range it has been trading in since August 2022, the HNT coin has to draw in additional buyers. For the HNT coin price to move the token above the daily chart, buyers must swell. After consolidating for a time, HNT initially fell through a descending parallel channel and became locked within the descending triangle. Then, the token was rejected from the pattern and has been attempting to gain support ever since. For HNT to enter the consolidation stage, the volume change must rise since it is presently below average. A negative crossover between the MACD line and the signal line is about to occur. Investors in HNT must wait until bulls have accumulated before the token may be saved.

Technical Levels

Support Level: $3.70 and $3.40

Resistance Level: $5.00 and $5.65

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 

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