Helium: If price drops below this level, HNT could go lower
Disclaimer: The findings of the next evaluation are the only opinions of the author and shouldn’t be thought-about funding recommendation.
Regardless of the sell-off throughout the crypto market up to now two days, Helium [HNT] has really made beneficial properties up to now day and a half. HNT bulls had been capable of maintain on to the $7.36 assist stage and pressure a rally towards $9. Can the bulls sustain the stress whilst Bitcoin [BTC] bleeds?
HNT- 1 Hour Chart
Supply: HNT/USDT on TradingView
The worth motion of the previous week was bearish, however this bias flipped when the $9.56 decrease excessive (orange) was crushed by an HNT buying and selling session closing above this stage.
Now, the short-term bias is bullish, as long as the $9 assist stage is defended by the bulls. In a manner, there was a call to be made within the coming hours as properly. May HNT proceed to rally increased, or was this a liquidity hunt earlier than the bears pressure the costs decrease towards $7 once more?
If the worth closes a buying and selling session beneath $8.5, the short-term bullish bias we now have will probably as soon as extra be flipped to bearish.
Rationale
Supply: HNT/USDT on TradingView
The momentum indicator confirmed bullish momentum over the day before today on the hourly chart. The RSI has been above the impartial 50 line over the previous 24 hours, which confirmed that the bias had been bullish.
Nonetheless, it appeared to slide again beneath the impartial 50 line, and confirmed that bullish energy may presumably be waning. If the RSI drops beneath 40, it might point out bearish energy.
On the similar time, the OBV has not made spectacular beneficial properties. The OBV has been on a downtrend over the previous week, and regardless of the day before today’s beneficial properties, demand was not sufficient to interrupt above the extent highlighted in pink. This stage was low from a few days in the past.
Conclusion
The dearth of shopping for stress proven on the OBV means that, regardless of the bullish market construction break, the bears may nonetheless be within the driver’s seat. If the worth drops beneath $8.5, it might be extra probably that HNT is headed decrease, towards the $7.36 assist.
If Bitcoin continues to shed worth, Helium may observe in its footsteps.
