HNT Technical Analysis: Will HNT Sustain Above $16?

HNT prices show a remarkable bullish recovery in the past three days and surpassing the $15 mark. But, will buyers manage to have a rally above $16? Key technical points: HNT prices show a bullish reversal from the $12 mark. The MACD indicator shows a bullish crossover. The 24-hour trading volume of Helium is $39.88 Million, marking a 40% rise. Past Performance of HNT Since the November 2021 bloodbath, the HNT price has responded to a descending trendline. The traders actively sell on this resistance, restricting the buyers from continuing a genuine recovery. Furthermore, the sellers have recently breached the $16 support level, and the ongoing retest phase might highlight a shorting opportunity. Source-Tradingview HNT Technical Analysis On April 4th, the HNT price turned down from the $28 resistance and initiated a new bear cycle. The falling price has breached the $20 and $16 support, registering a 57% loss. The crucial daily EMAs maintain a falling trend in a bearish alignment with increasing spread among the lines. Moreover, the price falling under all the EMAs reshape the lines as resistance levels. The RSI slope shows a sharp V-shaped recovery after dipping into the nearly oversold category and effortlessly surpassing the 14-day SMA line. Hence, the RSI slope reflects a significant increase in the underlying bullishness. The MACD and signal lines are nearing a bullish crossover tease a fakeout to the $16 support. However...