Helium (HNT) Gains Profitability boost after Decline
The decentralized network of IoT devices, Helium, is once again attracting market attention, and its token is increasing in value.
During the time when many coins benefited from an influx of investors’ money, HNT reached all-time highs back in November. Eventually, it found enough support to start a rebound, but lost momentum and dropped by more than half.
HNT has already shown signs of strength yesterday, as the coin rose at a time when most leading cryptocurrencies were struggling. With a market capitalization of 3.7 billion, Helium currently ranks 41 in the top-list of most valuable coins, and if the current trend continues, it may enter the top-40.
In addition to finding support near $30.00, the 50 EMA at $34.00 also moved above the trend line. There is plenty of room to gain momentum in case the right catalysts emerge, and the relative strength index remains moderate. If the right catalysts emerge, there is plenty of room for the market to rise.
In case HNT settles above the resistance at $36.50, it will gain additional upside momentum and head towards the resistance at $39.00. A move above this level will push HNT towards the resistance at $40.50.
On the support side, the previous resistance level at the 50 EMA will serve as the first support level for HNT. A move below this level will be a disappointing development for HNT bulls as it will show that HNT failed to develop sustainable upside momentum.
If HNT declines below the support at the 50 EMA at $34.00, it will move towards the next support level which is located at the recent lows at $30.00. A successful test of this level will push HNT towards the support at $27.50. If HNT declines below $27.50, it will head towards the next support at $25.50.
Taking a look at H1 chart, we can see that HNT immediately gained upside momentum after it managed to get out of the previous downside channel. The recent attempt to pull back, which was stopped near $30.00, was met with strong buying. While HNT quickly moved from $30.00 to $36.50, RSI has mostly remained in the moderate territory, which is bullish for the near-term outlook for HNT price dynamics.
Original Article can be found at //www.fxempire.com/forecasts/article/helium-hnt-looks-ready-to-rally-846946
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.
