Helium Price Analysis: HNT Reversed Trading Direction, Bears Still Active

• The Helium Coin (HNT) has seen a gain of over 19% in the past 24 hours after a massive drop.
• The bears have turned aggressive again on the 20-day moving average on the daily price scale.
• Trading volume increased by 2000% during yesterday's surge.

After slipping below a declining parallel channel in the daily price scale, the Helium currency continues to decline. During the market correction, buyers lost many critical hedge levels, including 6.5 and 5.0. As a result, it witnessed the most recent 52-week low of $3.18 on September 6, 2022.

Sellers started selling in HNT coins after seeing a Shooting Star candlestick on the weekly time frame after six strongly bearish weekends. After yesterday's sharp rise, HNT is currently 15.2% in the green zone this week.

The 20-day moving average proved to be an immediate bullish hurdle and buyers were rejected at this level during intraday trading sessions. Thus, the HNT coin is trading lower, while trading at $5.0 Mark at the time of writing against USDT. Additionally, the price of the HNT coin pair with the Bitcoin pair is up 14% at 0.0002591 Satoshis.

Due to last night's gain, the market cap was recorded at $627 million in the past 24 hours, but bulls can see the value of $700 million if they hold price above 20-DMA on the daily price chart. Buyers were extremely aggressive last night as trading volume increased by 200%.

Trading volume increased by 200% last night

The daily RSI broke above the oversold zone. He could soon reach the half line. Notably, MACD is about to generate a bullish crossover.

Conclusion

Helium Crypto (HNT) recovered from a six-day loss in yesterday's trading session. Now, the 20-day moving average is showing immediate resistance. Above this hurdle, buyers can see a further rally of around 40%.

Support level - $3.0 and $2.5

Resistance Levels - $5.0 and $10

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only, and they do not constitute financial investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.