The price of HNT has rebounded from the key support at $ 3,4, setting the stage for momentum beyond the $ 5 threshold if the rally holds up: currently the token is showing a decline since it lost its grip on the key support found at $ 8,3 in August, with the price of HNT plunging 59,6% to $ 3,32, its 52-week low.
However, regardless of the negative performance of the rest of the market, like Bitcoin, which fell in the red and below the $ 19.000 level, the price of HNT is technically involved with the formation of an engulfing candle that validates a bullish position. Apparently, therefore, the price of HNT was able to recover from the $ 3,32 threshold and rose by 30%, suggesting a bullish reversal.
The sharp increase in trading volume implies that buyers are shopping for this token at discounted prices. With consistent buying pressure, Helium's price could rise up to 19% before hitting the $ 5 psychological zone. At that point, the price of HNT can test whether buyers are seriously engaged despite the resistance and, at the same time, whether the price is flexible and can still go up.
In any case, a sudden price hike is considered uncommon, especially in a strongly bear market. Taking this into account, the token price should slide from the $ 5,9 resistance to retest the $ 3,26 support.
What is HNT cryptocurrency?
La cryptocurrency Helium HNT is a digital asset that uses the proof-of-work algorithm. Created on January 2, 2017 and is based on the blockchain di Ethereum, has an endowment of 21 million coins and represents a new and innovative way to use blockchain technology.
One of the main advantages of the Helium HNT cryptocurrency is that it has a low transaction fee. Compared to other forms of cryptocurrency, such as Bitcoin, with the HNT cryptocurrency it is possible to make transactions faster and with less costs: this is excellent news for users who want to use the cryptocurrency but they don't want to pay the high fees associated with other ecosystems.