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As most cryptocurrencies track Bitcoin’s price, the Helium token has also experienced its share of bearish retracement. This is evident as the token’s price retreated from near the $6.00 mark to now trading barely above the $3.00 mark. Meanwhile, today’s trading activity has brought a modest recovery of 9.31%, and traders can only hope this trend continues.
Key Price Levels:
Resistance: $4.00, $6.00, and $8.00
Support: $3.00, $2.00, and $1.00
Helium Price Action Still Appears Under Pressure
Today’s trading activity has brought a glimmer of hope for market participants in the HNT market. This sentiment is based on the fact that the market posted a minor price increase of 9.31%. Nevertheless, the market still appears to be under significant downward pressure. Price movement remains below the Exponential Moving Average (EMA) curves.
Additionally, the Moving Average Convergence Divergence (MACD) lines are mostly trending sideways and remain below the centerline of the indicator. However, the minor gains in today’s trading are backed by the appearance of a green bar on the MACD. Also, the proximity of the EMA lines to price action may offer an easier path for price action to gain momentum by crossing above them.
HNT May Have Started Finding Higher Supports
Price activity in the Helium 4-hour market reveals the dynamics at play. The market can be seen rebounding off the support at the $3.00 level. More recently, price action has bounced off another support at the $3.180 mark. Despite this, it can be seen that price action still lies below the EMA lines.
Meanwhile, the last price candle appears green but has a very tiny body, indicating minimal changes in price movements. Yet, the MACD bars are pale red and continue to decrease in height, indicating a continued reduction of bearish momentum. While traders may anticipate a continued upside correction, crypto signals targeting price levels just below the $3.700 mark may be advisable.
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