HNT Technical Analysis: Falling Channel Warns Against Downfall

HNT price action shows a retest phase of a trendline breakout in action in the daily chart that may shortly result in a bullish reversal above $10. Key technical points: The HNT market value increased by 4.63% today at press time. However, the price action shows a high likelihood of a post-retest reversal. The 24-hour trading volume of Helium is $20.07 Million, indicating a hike of 29.85%. Past Performance of HNT The high momentum bullish reversal in the HNT price resulted in a price jump of 30% that created a bullish engulfing candlestick. The bullish candle broke above the overhead resistance trendline and tested the $10 mark. However, the high selling pressure near the psychological mark resulted in a bullish failure leading to a retest phase. Source- Tradingview HNT Technical Analysis The Doji candles forming near the broken resistance trendline increase the likelihood of a post-retest reversal in HNT prices. Moreover, the price action teases a potential morning star pattern formation and raises the possibility of a bullish reversal. The bullish reversal can result in the $10 breakout to test the 50-day EMA close to $12. However, the bearish alignment of EMAs can result in a bearish reversal. The RSI slope in the daily chart shows a bullish reversal after a reversal from the halfway line avoiding a retest of the 14-day SMA and projects growth in underlying bullishness. Furthermore, the MACD and signal lines show a bullish ...