The Helium blockchain powers the people’s network which aims to achieve a wireless revolution in the decentralized finance (DeFi) sector. It has a robust wireless infrastructure and provides safe, cost-effective, and wireless connectivity across borders. It is a PoS-based open-source protocol where miners can validate crypto transactions and earn HNT tokens as rewards. The HNT technical analysis is as follows: Past Performance On April 16, 2021, HNT started trading at $15.34. As of April 22, 2021, HNT closed at $12.10. Thus, in the past week, the price has dropped by roughly 21%. In the last 24 hours, HNT has traded between $11-$12.43. https://ift.tt/3xlcrLy Day-Ahead and Tomorrow Currently, HNT is trading at $11.11. The price has decreased from $12 since the morning. Thus, the market seems to be downtick. The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is negative. Hence, we can expect the price to decline further. Currently, the RSI is at 18%. It is deep into the ‘oversold’ region. Thus, selling pressures are very high. Heavy offloading of the crypto will exert downward pressure on its price. Thus, like the MACD oscillator, the RSI indicator is also giving credence to a price fall. However, it is a good time for swing traders to go long. The A/D line has fallen steeply. Whale distributions are much higher than whale accumulations. Thus, the HNT price is bound to decline further. HNT Technical Analysis As per technical analysis, in a nutshell, all the indicators have given clear bearish signals. Hence, the price downtrend is strong. Moreover, the HNT price has fallen below the first Fibonacci pivot support level of $11.30. It is soon likely to fall below the subsequent support levels of $10.96 and $10.41, respectively. The price has tested and fallen below the 23.6% FIB retracement level of $11.34. The price is soon likely to fall below the 23.6% FIB extension level of $10.66. Thus, the bearish forces seem strong, and hence we can expect the price downtrend to continue today as well as tomorrow.
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