HNT Technical Analysis – September 2021
Monthly Analysis
In the last 30 days, HNT has increased by more than 30%, reaching a price of $26.7 on August 23rd. After that, the price was in consolidation and has recently declined to $17.30. Based on this recent decline, the short-term trend for HNT is downward.
Weekly Analysis
In just the last 7 days, HNT has decreased by more than 30%. This decrease in the price of HNT tells how the sellers have taken over Helium. Moreover, support at $16 is going to be crucial to determine whether this downtrend may continue or if HNT can reverse again.
Daily Analysis
In an intraday chart, HNT has decreased by about 14% in the last hours. This decrease is yet another indication that HNT is looking to go further down as investors are getting rid of their HNT tokens as fast as they can.
Key Structures
Support
- $16
Resistance
- $25.30
Indicators
Moving Average
The 20-day moving average has gotten over the price due to the recent price decrease of Helium. This MA suggests that the trend has now reversed and that HNT can go further down. Furthermore, this MA can act as resistance in the coming days. As for the 50-day moving average, it is almost equal to the price, and it has acted as support over the last hours. Due to that, this MA might be a solid structure for the longer term.
The 9-day EMA is also above the price and indicating bearish momentum for HNT in the coming days.
Relative Strength Index
The RSI has been on a constant decline after HNT reached an overbought region on August 23rd. Due to that, traders started to sell HNT and have now moved Helium’s RSI below 50, which is another indication that HNT is now bearish.
MACD
The MACD line is now below the signal line and may imminently move below the baseline. The MACD indicator suggests that HNT might go further down since the momentum is now bearish.
Fibonacci
Fibonacci levels constructed front the beginning of the recent uptrend, started in July of this year, suggests that the price of HNT is yet to retrace to the 61.8% level. Because of that, HNT might find support at that level and may even reverse in the longer term. The upcoming hours of HNT are going to be crucial to determine whether the long-term trend might reverse.
Price Prediction Helium – September 2021
Since indicators and the recent price pattern suggest that HNT might keep decreasing in the short term, HNT might go to $16 in the coming days. If it finds support there, then the price might slightly increase again before decreasing again. Nonetheless, the long-term channel is still ascending and HNT might be bullish after a while.
Latest News for Helium – Affecting Price
The recent price increase of Helium was caused by the $111 million worth of token sale in August, but also the increase of the network’s node count. These two factors, along with other external factors (i.e. prices of other cryptocurrencies), caused an increase for HNT. As for the recent price decrease, it was expected due to the fact that HNT became overbought and broke the support levels previously projected.
Also read: Helium Price Prediction 2021 and Beyond – Is HNT a Good Investment?