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HNT Technical Analysis: Level of $22.58 Is a Strong Resistance Level


cryptoknowmics.com 05 October 2021 08:26, UTC
Reading time: ~2 m

Helium (HNT) is a decentralized blockchain-powered network for the Internet of things (IoT) devices. The technology allows wireless devices to communicate with each other and send the data across.

Helium aims to improve the communication capabilities of wireless IoT devices. The network participants have to purchase nodes (so-called Hotspots). Each hotspot works within a certain range and also mines Helium’s native token, HNT. Let us look at the technical analysis of HNT.

Past Performance

In the last 24 hours, HNT has increased approximately by 3.5%. The trading volume saw a sharp increase in the last 24 hours. Whereas in the past 7 days, HNT has hit the high of $20.81 and has touched a low of $17.10, thus proving high volatility in the market.

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

HNT Technical Analysis

HNT is at a very crucial resistance level. The price is forming a cup and handle pattern on the chart. It is a bullish pattern. A breakout from the resistance zone, which is around $22 can unleash HNT to form new highs. Let us see what the indicators are indicating:

The current price of HNT is $21.36 and is up by 4.60% from the 24-hour low.

Currently, the signal line has crossed the MACD line from below. Thus showing bullish strength in the market. Although the lines are below the zero range, it indicates that the coin is undervalued and can be bought if the lines enter above the zero range.

If it crosses the resistance and closes the day above resistance, i.e., $12.58. Then it can make a small bull run. Or else we can see a small pullback and will get to know the resistance power.

The RSI is currently near the 59% mark, it has the potential to further rise. We can see a short rise in the price if RSI rises. It is crucial for RSI to break out of its resistance level and form bullish divergence.

Day-Ahead and Tomorrow

The important level to look for is $22.58, a strong resistance level. The price will try to break the resistance zone, which is between $21.88-$22.98, and sustain above that level. If it closes the day above the resistance, we can see a bull run and the resistance will be new support.

Moreover, if the resistance power is strong enough to send the price back down. Then the levels it will take support from are $20.62 and $19.27. If it falls from these levels, then it will test the strong support level, which is $18.36.


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