HNT Technical Analysis: $20 Fallout Proposes Retracement to $16

HNT coin price falls under the $20 support level with a surge in selling pressure displayed by the 7% bearish candle. Will the downfall reach $16? Key technical points: The bearish MACD histograms regain trend momentum. The HNT coin price has descended by 30% within two weeks. Finally, the 24-hour trading volume of Helium is $30.19 Million, marking a 184% rise. Past Performance of HNT HNT coin price fell by 30% in the past two weeks after facing immense supply pressure near the merged 100 and 200-day at $25, resulting in a downfall. The retracement cracks under the 50-day EMA and the psychological barrier at $20, which acted as the monthly support. Source-Tradingview HNT Technical Analysis HNT coin price action forms a solid bearish engulfing candlestick resulting in the monthly support fallout of $20. Moreover, the breakout rally shows off bearish commitment with the jump in trading volume. Hence, the downtrend is most likely to take support at $16. The crucial daily EMAs (50, 100, and 200) regain the bearish alignment after the 100 and 200-day EMA diverge to regain spread. Moreover, the falling trend of the EMAs reflects a solid underlying bearishness. RSI Indicator: The sudden fall in the RSI values warns the slope crossing into the oversold zone. Moreover, the 14-day SMA continues to fall after breaking under the 50% line. Hence, the indicator reflects a high possibility of a downtrend continuation to $16. MACD Indicator: ...