The Helium crypto (HNT) crypto price is in the bearish territory and has displayed bearish signs for the past sessions. Moreover, the cryptocurrency is struggling to sustain gains above the key moving averages and is broken below it. The crypto has declined over 19% this month, suggesting the bearishness in recent sessions.
At press time, the Helium crypto (HNT) price was trading at $4.841 with an intraday loss of 1.06%, highlighting bearishness on the charts. It has a monthly negative return of 19% and 29% yearly. It has a market cap of $778,089,906 Million. Indicators are bearish and suggest the HNT price will attain lower levels in upcoming sessions.
According to the technical summary on TradingView, out of 26 indicators, 13 are on the sell side, 10 are on the neutral side and 3 are on the buy side which shows that the indicators are giving selling signals and indicating a negative outlook for the HNT crypto price.
Bears Are Taking Control Of The Momentum
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The HNT price had been in a bullish trend since October 2023 and gained around 650% till March. The bullish trend was disturbed near the $10 hurdle and reacted negatively.
Helium crypto price chart structure displays that the price has been in a bearish trend and falling by taking pullback. Since March, the asset price has lost about 60% till mid-April which demonstrates that most of the investors have preferred to book profit.
Recently, the HNT price has bounced back and exceeded the 200-day EMA but failed to sustain. The digital asset price has triggered a negative pullback and seems to be ready for a bearish momentum.
Currently, the RON price has slipped below the key moving average and if the profit booking occurs, the price may melt to the last swing low.
On the other hand, if the price bounces back and manages to sustain over the 200-day EMA, buyers may show interest and may gain bullish momentum. Suppose this bullish momentum is supported by the trading volume, it may turn into a trend reversal.
Helium Crypto Social Dominance vs Social Volume Analysis
The decrease in awareness and interaction on social media platforms like X, Instagram, and Telegram is reflected in the graph of social dominance and social volume, which has resulted in a negative impact on the price of Helium crypto.
The future momentum of the price of Helium crypto is likely to be influenced by social dominance and social volume.
The Helium crypto price may find resistance at $6.140 and $7.722, where it could reverse or consolidate. The HNT Crypto price may face support at $3.384 and $3.00, where it could bounce back or stabilize.
Summary
The HNT crypto price had a bullish trend but fell about 60%, triggered by a negative pullback. The RON price slipped below the key moving average. If profit booking occurs, the price may melt to the last swing low.
However, if it sustains over the 200-day EMA, it may gain bullish momentum. The decrease in social media interaction negatively impacted the Helium crypto price, and future momentum may be influenced by social dominance and social volume.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
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