After a more than 150 percent bull run in the previous month, the HNT coin price has retraced to the 38.20 percent Fibonacci level in the daily chart.
Helium is a company that uses the wireless Internet of Things to improve the communication capabilities of IoT devices. In 2013, IoT infrastructure was still in its infancy. Because the developers wanted to add decentralization to their offerings, they dubbed it “The People’s Network.” Let us now delve into the technical aspects of Helium.
HNT’s Previous Performance
The price of the HNT coin has risen by more than 150 percent in the last month, after it was discovered to be in high demand near the $20 mark. However, the price retraced back to the 38.20 percent Fibonacci level near the $40 mark in the daily chart.
Nonetheless, the uptrend resumes its bullish momentum as price action forms a bullish engulfing candlestick on the daily chart. As a result, we can expect the bull run to continue.
Technical Analysis of HNT
At press time, the HNT coin price is $46.54, down 8.73 percent in the previous 24 hours. Furthermore, the coin’s intraday trading volume has decreased by 10%.
The $50 breakout can be considered a good entry point. The bull run, however, may encounter resistance near the Pivot Points of $60 and $75. On the other hand, the $45 and $40 can help to mitigate the fall.
At 82 percent, the RSI slope moves further into overbought territory. Furthermore, no divergence can be seen in the daily chart. As a result, the RSI indicator continues to indicate a buy signal for the HNT coin.
In the daily chart, the MACD line and the seller’s line remain in positive alignment. Furthermore, the intensity of the bullish histograms rises. As a result, the MACD indicator indicates a buy signal.
According to Helium’s technical analysis, the future trend of the HNT coin price is exceptionally bullish as the price action regains momentum. As a result, a break above $50 may provide a bullish entry point.