View into the Short Term: Can Helium Crypto reclaim the crucial resistance?
With a 24-hour trading volume of $22,423,539 USD, Helium Crypto is currently priced at $18.18 USD. As of the time of writing, Helium Crypto is down 5.92%. As the price levels remain at these current levels, there has been an increase in profit booking. This altcoin has a Volume to Market Cap Ratio of 0.01063 .
In a four-hour chart, Helium Crypto is trading below the 20,50 SMA, indicating a downtrend. In addition, the declining SMAs are indicative of underlying bearishness. A number of resistance levels placed at $20.50 and $22 continue to bearishly influence the price of Helium Crypto. This suggests that a trend reversal could be on the horizon for XRP if the bulls retake these levels. On the other hand, a continuation of the said downward trend would likely see Helium Crypto drop to support at $16. Bears stepping on the gas pedal could further lower the asset to the support placed at $14.
Long Term View for Helium Crypto Price
Based on the near-term technical indicators, Helium Crypto appears to be headed in a bearish direction. On the daily chart, the MACD indicator shows the gap between the MACD and signal line widening while the histograms remain red. According to the RSI indicator on the daily chart, the indicator is within touching distance of the oversold territory. Consequently, we may see a break before the next selling wave while the asset continues to decline.
Final thoughts
After breaking under the monthly support with a bearish engulfing candlestick, Helium Crypto price analysis shows a downward trend. In the days to come, the Altcoin is likely to continue on its downward path due to the increased volume compared to last week.
•HNT/USD is currently priced at $18.18 and has decreased by 5.92 over the past day
•The trading volumes have decreased by 2% over the past day
•The technical indicators suggest a bearish outlook for the near term
Support: $16-$14
Resistance: $20.50-$22
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