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Helium price analysis: HNT/USD struggles to break past $4.38

Helium price analysis
TL;DR Breakdown
  • Helium price analysis shows a short-term recovery, but these are just temporary rallies
  • The bigger picture shows that HNT/USD is in a downtrend forming lower highs and lower lows
  • Now is not the best time to take a long-term position in Helium since the bears are still strong

Helium price analysis is slightly bullish today, in line with the market’s sentiments. However, it was consistently bearish for the last 5 days when the price fell from $6.29 straight to $4.091, where it found a new support level.

coin360 1
Cryptocurrency heat map by Coin360

The crypto heat map gives us a bigger picture of the overall sentiment in the market. We can see both Bitcoin and Ethereum trading in the greens, which is a good indication. For the most part, the market is bullish today; hence, we can expect some major coins to bounce back from their recent lows.

But will Helium bounce back to the previous swing high of $9.11? Well, it might recover slightly but recovering up to that point seems unlikely anytime soon.

Helium 24-hour price movement: HNT/USD sets new support at $4.09

1 HOUR
Helium Price Chart by TradingView

In the last 24 hours, Helium set new support at $4.09 and bounced back up to a local high of $4.38. However, the recovery is not significant by any means, especially if we compare it with the last swing high of $9.11, where Helium faced massive resistance.

Nevertheless, the price of Helium has increased by 4.21 percent in the last 24 hours. Furthermore, the trading volume has also increased by 8.55 percent, whereas the market cap is up by 4.28 percent. It currently has a volume-to-market cap ratio of 0.03444.

The RSI on the hourly Helium price analysis is in the 50s, indicating that Helium’s market is currently quite balanced. The MACD shows the histograms in the greens. However, they are slowly losing their strength consistently over the last two intervals. It looks like Helium is facing considerable resistance around the $4.38 mark. To break beyond this level, serious momentum from the bulls may be required.

4-hour Helium price analysis: HNT/USD is undergoing a downtrend

4 hour chart
Helium Price Chart by TradingView

The 4-hour Helium price analysis shows is new lower highs and lower lows being established. Hence, Helium is currently in a downtrend if we look at the bigger picture. Hence, some recovery in the short term is possible, but it would not be wise to ignore the overall market conditions.

The previous swing high for HNT/USD is set at $6.29 on the 29th of August 2022. Since then, HNT/USD has been undergoing a downtrend. So, investing or taking a long-term position in Helium may not be a great idea. Although, short bouts of bullish momentum can result in slight but short-lived recoveries.

Helium price analysis: Conclusion

While Helium seems to be recovering in the short-term, these are nothing but short rallies. The bigger picture shows that the currency is in a massive downtrend after the last swing high on the 29th of August 2022. This is more indicative of the larger market conditions. Hence, now is not the best time to take a long-term position in Helium.

The bear market is perhaps the best time to learn the skills necessary to get big gains during the bull market. So, consider reading out in-depth guides on crypto investing.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Shummas

Shummas

Shummas is a technology enthusiast and a researcher with a keen interest in blockchain and crypto. He also trades and invests in NFTs on the side, believing that NFTs will revolutionize many industries.

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