Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought-about funding recommendation.
Despite the sell-off throughout the crypto market previously two days, Helium [HNT] has really made beneficial properties previously day and a half. HNT bulls have been in a position to maintain on to the $7.36 assist stage and power a rally towards $9. Can the bulls sustain the strain whilst Bitcoin [BTC] bleeds?
HNT- 1 Hour Chart
The price motion of the previous week was bearish, however this bias flipped when the $9.56 lower excessive (orange) was crushed by an HNT buying and selling session closing above this stage.
Now, the short-term bias is bullish, as long as the $9 assist stage is defended by the bulls. In a means, there was a call to be made within the coming hours as effectively. Could HNT proceed to rally larger, or was this a liquidity hunt earlier than the bears power the costs lower towards $7 once more?
If the price closes a buying and selling session beneath $8.5, the short-term bullish bias we now have will doubtless as soon as extra be flipped to bearish.
The momentum indicator confirmed bullish momentum over the day past on the hourly chart. The RSI has been above the impartial 50 line over the previous 24 hours, which confirmed that the bias had been bullish.
However, it appeared to slide again beneath the impartial 50 line, and confirmed that bullish power could probably be waning. If the RSI drops below 40, it might point out bearish power.
At the identical time, the OBV has not made spectacular beneficial properties. The OBV has been on a downtrend over the previous week, and regardless of the day past’s beneficial properties, demand was not sufficient to interrupt above the extent highlighted in crimson. This stage was low from a few days in the past.
The lack of shopping for strain proven on the OBV means that, regardless of the bullish market construction break, the bears could nonetheless be within the driver’s seat. If the price drops below $8.5, it might be extra doubtless that HNT is headed lower, towards the $7.36 assist.
If Bitcoin continues to shed worth, Helium could comply with in its footsteps.