At one point, HNT’s price increased by 60% on Nov 7. It reached an all-time high of $59.07.
HNT’s upper wick, with a magnitude of 24.4%, did not last as the higher prices could not be sustained. There has been a drop in price due to heavy selling pressure, so the price is considered bearish.
Nevertheless, in the daily time frame technical indicators remain bullish despite the drop.
MACD, a combination of a short- and long-term moving average, is positive and moving upward. Therefore, the short-term trend is faster than the long-term trend.
An indicator of momentum, the RSI, is above 70 and increasing. This is a sign of bullish momentum.
Therefore, there are no present signs that would indicate that the upward movement has ended.
Chart By TradingView
Price Analysis; Wave count
Cryptocurrency trader @javonmm outlined a HNT chart, stating that the token could increase all the way to $36.
Source : Twitter
Since the tweet, HNT has moved to $36 and considerably above the level.
When looking at the entire upward movement since Nov 2020 (logarithmic chart), it seems that HNT is in wave five of a long-term bullish impulse (white).
The most likely target for the top of the impulse is between $64.59 – $65.52. It is found by the 4.61 external Fib retracement of wave four (black) and the 2.61 projection of waves 1-3.
If the wave extends further, the next most likely targets would be at $85 and $107.
Chart By TradingView
A look at the short-term chart shows an extension (highlighted) in the period between Oct 11 and Nov 16.
When taking it into account, it does not seem possible to count five waves upwards. Therefore, it does look like the upward movement has not yet come to an end.
So, HNT is expected to increase at least to $65 and potentially higher, towards the $85 and $107 targets.
Chart By TradingView
Short-term Price and growth Analysis
In order to find potential areas that are likely to act as support, a Fib retracement tool is used in the aforementioned extension.
The closest support areas are at $37.5 and $32.5. These are the 0.5 and 0.618 Fib retracement support levels. The latter also coincides with an ascending parallel channel from which HNT previously broke out.
Afterwards, the token would be expected to resume its upward movement.
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Original article can be found at //beincrypto.com/helium-hnt-reaches-new-all-time-high-as-it-moves-into-top-50/
https://beincrypto.com/helium-hnt-reaches-new-all-time-high-as-it-moves-into-top-50/
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
