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HNT Price Analysis: Bear Cycle Within Wedge Pattern Hints 28% fall

Helium And Fantom Gain Upto 13% - Crucial Price Levels On Target Next!

Published June 14, 2022

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Responding to the recent sell-off in the crypto market, the Helium(HNT) price turned down from the dynamic resistance trendline. The bearish reversal slumped the altcoin 40% lower as it pierced the $9.8 support. However, today the coin price reverts to retest the breached resistance; will it sustain?

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Key points: 

  • The HNT price should higher price rejection candle at $9.8 resistance
  • The coin sellers regain the 20-day EMA as a legitimate resistance
  • The intraday trading volume in the Helium coin is $84.5 Million, indicating a 63.92% gain.

HNT/USDT ChartSource- tradingview

Lowering within the falling wedge pattern, the HNT/USDT pair has tumbled 83.6% from the November All-Time High of $55.2. On May 28th, the coin price rebounded from the lower support trendline and triggered a new bull cycle.

The recovery rally propelled the HNT price 76% higher to reach the aligned resistance of the 50-day EMA and resistance trendline. However, last week’s sell-off in the crypto market prevented a bullish breakout from the overhead resistance, indicating the price would continue to resonate within the pattern.

The resulting bearish reversal breaks the $9.8 support, suggesting the sellers aim for another leg down. Even though the HNT price witnessed a massive inflow today, registering an 18.3% gain, the buyers still struggled to surpass the $9.8 flipped resistance.

Thus, with a candle closing below the mentioned support, the seller may pull altcoin 28% lower to $6.74 support. Moreover, in extreme bearish conditions, the altcoin would drop to the bottom support trendline.

Technical indicator

The recent reversal pushed the altcoin below the 20-day EMA. This EMA now acts as a valid resistance and assists sellers in preventing a $9.8 breakout.

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Following an evident bullish divergence, the daily RSI slope nearing to cross above the neutral line(50%) indicates growth in bullish momentum. This crossover may attract additional buyers and bolster wedge pattern breakout.

  • Resistance levels- $9.8 and $12
  • Support levels are $6.78 and $5

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From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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