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The underlying bullishness in the HNT price chart grows rapidly, however, the breakout of the $22 mark will be essential for the ongoing uptrend.
The Helium mainnet was launched in July 2019. It allows low-powered wireless devices with low power to communicate and transmit data through its network of nodes.
Helium is a company that aims to improve the communication capabilities of IoT devices using wireless Internet of Things (IoT). The infrastructure surrounding IoT was still very young in 2013. However, developers wanted to add decentralization to their offer, so they called it "The People's Network" in official literature.
Let us now look at the technical analysis of Helium cryptocurrency.
Past Performance of HNT
Helium coin prices push higher after the recent pullback to the support trend line. However, the recent resistance zone near the $22 mark opposes the bullish growth. It is evident by the long wick formation indicating higher price rejection. Moreover, it insinuates the evening star pattern formation.
Source - Tradingview
HNT Technical Analysis
As of writing, HNT cryptocurrency was at $21.53. The cryptocurrency has also decreased 0.59% in the past 24 hours. The fall has the support of a dramatic rise in selling pressure, evident by an increase of 51% in intraday trading volume.
The weekly chart's Pivot Points (Traditional, Quarterly) suggest that the HNT coin price could face resistance at the $2 or $35 mark. However, if the trend breaks below the support trend line, the price could find support at the $17 or $9 mark.
MACD and signal lines are both above the zero line on the daily chart. Thus, the bulls are in control of the trend evident by the recent bullish crossover of fast and slow lines. Moreover, the bullish histograms grow stronger. Therefore, MACD generates a buy signal.
The RSI indicator trades higher into the neutral spectrum at 59% on the daily technical chart. Hence, it indicates a solid underlying bullishness.
The ADX indicator predicts a slight rise in price trend momentum.
Current Trend
According to the Helium technical analysis, the technical overview is turning bullish of HNT crypto. However, the breakout of the $22 level will initiate the bull run. Hence, safe traders might want to wait till the price breaks above the crucial resistance zone.