Helium: If Price Drops Below This Level, Hnt Could Go Lower

Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought-about funding recommendation.

Regardless of the sell-off throughout the crypto market previously two days, Helium [HNT] has truly made good points previously day and a half. HNT bulls had been capable of maintain on to the $7.36 assist stage and power a rally towards $9. Can the bulls sustain the stress whilst Bitcoin [BTC] bleeds?

HNT- 1 Hour Chart

Helium has a bullish structure on the lower timeframes, could it push higher on the charts?

Supply: HNT/USDT on TradingView

The value 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 method, there was a call to be made within the coming hours as properly. Might HNT proceed to rally larger, or was this a liquidity hunt earlier than the bears power 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 doubtless as soon as extra be flipped to bearish.

Rationale

Helium has a bullish structure on the lower timeframes, could it push higher on the charts?

Supply: HNT/USDT on TradingView

The momentum indicator confirmed bullish momentum over the day past 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.

Nevertheless, it appeared to slide again beneath the impartial 50 line, and confirmed that bullish power might presumably be waning. If the RSI drops under 40, it will point out bearish power.

On the identical time, the OBV has not made spectacular good points. The OBV has been on a downtrend over the previous week, and regardless of the day past’s good points, demand was not sufficient to interrupt above the extent highlighted in purple. This stage was low from a few days in the past.

Conclusion

The shortage of shopping for stress proven on the OBV means that, regardless of the bullish market construction break, the bears might nonetheless be within the driver’s seat. If the worth drops under $8.5, it will be extra doubtless that HNT is headed decrease, towards the $7.36 assist.

If Bitcoin continues to shed worth, Helium might comply with in its footsteps.

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