- The 4-hour chart of the HNT token shows a bullish breakout of the rounding bottom pattern.
- A rise of 8.36% has been seen in the HNT/BTC pair, trading at 0.0009578 BTC.
- 75 million tokens were traded in the past 24 hours, representing an increase of 75%.
Since midday today, the price of the HNT token has increased more than 15% after a sudden increase in demand near $40. The price jump breaks above the $42 mark and the rounding bottom pattern in the 4-hour chart.
Furthermore, the 4-hour chart shows that the 50-period EMA provides constant support for coin prices to continue to rise. Additionally, the four-hour chart’s EMAs remain bullish.
Additionally, the price action of HNT tokens indicates underlying bullishness, and the pivot point indicates possible resistance levels around the $48 and $52 marks if the price exhibits bullish pressure. Additionally, on the reverse side, the support line is located at $42 as well as at the $40 mark.
The current price is $44.72 at the time of this analysis.
Will The HNT Token Price Break The $50 Mark?
The HNT token appears to be increasing the likelihood of a bullish trend continuation, as we discussed previously. Furthermore, the price action shows a lower price rejection above the $40 mark. This suggests the bulls are gradually gaining control of the market.
The RSI indicator is a sign of an increase in the underlying bullishness as the slope cruises to the 70% mark and breaks into the overbought zone in the 4-hour chart.
In conclusion, the HNT token indicates that trend momentum is increasing from a technical perspective. However, the lower price rejection in the 4-hour chart increases the chances for a breakout of the $50 mark if the price sustains the buying pressure.
Support – $42 and $40
Resistance – $48 and $52
https://themarketperiodical.com/2022/01/05/hnt-price-analysis-bullish-breakout-of-rounding-bottom-in-hnt-coin-price/
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.
