thecoinrepublic.com
Since July, the Helium (HNT) price has performed positively. The token has gained around 150% till the first week of September.
The Helium price has experienced mild selling since September and has failed to reach the last swing highs. The token has lost the 20-day EMA. It has dropped to the 200-day EMA, which shows sellers’ interest.
Bitcoin is the largest cryptocurrency, which impacts the altcoins’ momentum. Bitcoin price has shown weakness near the monthly resistance level.
BTC’s price is expected to remain bearish for the next few weeks. This may generate fear in the cryptocurrency market. HNT has also formed a similar structure and may follow Bitcoin’s move.
Could Helium Price Record a New Swing Low?
In a 4-H time frame, the Helium price has triggered a bearish pullback after a substantial fall. As per the technical chart, the HNT crypto price is on the way to recording a new swing low.
If sellers remain strong, then it may display more selling. The technical indicators have signaled a bearish sign, which could boost the momentum.
Technical Analysis of HNT Price Over Daily Timeframe
When writing, the Helium price was trading at $6.18 with an intraday loss of $1.67%. It has a market capitalization of $1.05 Billion and a 24-hour trading volume of $7.90 Million. The volume has dropped by 20% over the past 24 hours, demonstrating that investors’ engagement is decreasing.
RSI has generated a bearish crossover with the RSI-based moving averages and is approaching the oversold zone. The MACD displayed a death crossover with the signal line and stayed below the zero line.
The histograms have flipped to red. This indicated the sellers’ dominance. The technical indicators were in favor of a bearish forecast.
Suppose the HNT crypto price starts trading below the 200-day EMA; it could spread fear among buyers. At this point, sellers might prefer to book profit because of the global market sentiment. Here, profit booking may bring bearish momentum, and the price may melt to the crucial level of $3.60.
Conversely, a buying opportunity could be seen if the crypto asset price manages to defend the 200-day EMA. Once the price surpasses September’s high, it could attract buyers. A bullish momentum can be anticipated if the trading volume supports this momentum.
HNT Price Prediction Based on Technical Chart
The Helium price has faced significant bearish pressures. That was evidenced by the recent drop below key moving averages. Additionally, a death crossover in the RSI and MACD indicators highlighted this.
With Bitcoin showing weakness in the market, HNT may also be influenced by a bearish trend. This could potentially lead to further declines.
Suppose the price falls below the 200-day EMA, it could trigger increased selling from investors looking to secure profits. The critical support would be around $3.60. HNT may hold above the 200-day EMA and break past September’s highs supported by increased trading volume.
If this happens, there may be a chance for a bullish reversal, presenting potential buying opportunities. Market sentiment and external factors will play a crucial role in determining the future trajectory of HNT.