Crypto industry has had a big year in the last year. In the wake of the Bitcoin rally that started back in 2020, a lot of altcoins skyrocketed in 2021 and rose to heights they had never experienced before. Helium, for example, is a young coin that went life in 2020, but until 2021, it’s price barely made any movement worth mentioning.
As of January 2021, the coin had gone up from $1 to $20 by early April, to $25 by late August, and then to $55.22 by mid-November, reaching its all-time high. In addition to reaching this milestone, HNT, as well as the entire crypto industry, experienced a crash.
Within exactly one month, HNT went from $55.22 to $26.17. It did, however, see a little recovery so that it reached a resistance level at $40 in the final days of December, and it ended 2021 at that level too, unable to surpass it.
Helium in 2022
Most people expected crypto prices to rally after the year ended and possibly reach or surpass their ATHs. Helium’s token HNT continued to climb in the first few days of the year.
At $40, however, it was still unable to overcome the resistance. With a price of $38, the coin began the new year with a bid on $40. Unfortunately, the resistance held, and HNT made multiple new attempts on January 1st and 2nd.
A second attempt was made on the coin by the end of day two of the year, when it was pushed down to $38. Somehow, this last one worked, and the HNT price actually managed to hit the next resistance at $42 this time, right as January 3rd dawned.
HNT spent several days attempting to breach this new resistance, just as they did with the last one. A stronger rejection followed each attempt until the coin was finally forced back down to $38. By the early hours of January 5th, it had reached $44, having breached the $42 level late on January 4th.
By the end of the same day, the coin briefly broke through this resistance, making its YTD high just shy of $45, the highest so far in 2022. Afterward, HNT went downhill.
The crash
HNT crashed from its new YTD high to a support level of $38 during the final hours of January 5th and the morning of January 6th. It attempted to make a recovery which once again took it to $40, only for it to crash even harder next time.
It fell to $31.15 by January 8th and again crashed to $30 after bouncing back to $34. In the wake of reaching this level on January 10th, it was able to resist further downward movement. The coin even recovered to $36 on the evening of January 12th, but then a reversal occurred on January 13th, bringing it down to $32 once again. In the last several hours, the coin started another recovery, which brought it to $32.74 at the time of writing.
At the moment, however, HNT lacks the strength to break out, although there is a possibility that it has found a bottom around $30, and that this level can continue to hold against future waves of decline.
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.
