- The price of the HNT token is trading in the upper band of the supply zone after bouncing off the demand zone.
- The price of the HNT token forms a symmetrical triangular pattern over a daily timeframe.
- The HNT/USDT pair is trading at a price of 0.000398i with a decline of -2.06% in the last 24 hours.
The price of the HNT token, according to the price action, forms a symmetrical triangle chart pattern. The symbolic price faces a lower low formation from the supply zone and a higher high formation farther in the demand zone. Right now, the token is trading in a tight range and therefore a breakout on either side will trigger big moves. The symbolic price may reach the $13 long-term supply zone if it breaks out of the symmetrical triangle pattern. Over a longer period, the price of the token fell sharply and made a lower low formation. To negate the continuation of the downtrend for a longer time frame, the price of the token must break out of the symmetric triangle pattern on the upside. The price of the HNT token is trading in the middle of the Bollinger Band indicator, after bouncing off the demand zone. The price of the HNT token is trading below all major moving averages. The 50 and 100 MA can act as a strong supply zone going forward as the token price attempts to rise. Although the symbolic price gave a breakout of the 14 SMA, a breakout of symmetrical triangles is needed for further upside. Volumes increased as token rivers around the supply area.
The price of the HNT token forms a rounding lower pattern over the 4-hour time frame
Relative Strength Index: The RSI curve is trading at a price of 57.59 as the token approaches the supply zone. Right now, the RSI curve has crossed the 20 SMA. The token is forming a higher and lower formation over a 4-hour timeframe, as the token is showing a bullish trend in the higher time frame. The price of the HNT token can be seen moving as it breaks out of the rounded bottom and the RSI curve rises.
Moving average convergence divergence: The MACD indicator gave a positive cross as the token gave a breakout of the supply zone. The blue line crossed the orange line on the upside. This caused the price of the token to rise sharply over a 4-hour period. Recently, the price of the HNT token fell after the breakout of a small resistance, accordingly, the MACD indicator also represented the same. Once the price of the token starts rising again after retesting, the gap between the blue and orange lines can be seen to widen to support the trend.
Supertrend: HNT token price broke above the supply zone with a strong bullish candlestick pattern. The token broke out of the super trending sell line that triggered the buy signal. Currently, the HNT token is trading above the super trending buy signal line. Going forward, this line could act as a strong support zone.
CONCLUSION: The price of the HNT token is trading in a strong uptrend, as seen over a 4-hour timeframe. While on a daily timeframe, the token price has consolidated near the supply zone. The price of the token forms a symmetrical triangular pattern over a daily time frame. Investors should wait for the breakout of a symmetrical triangle and then act accordingly.
SUPPORT: $8.5 and $8.7
RESISTANCE: $11.80 and $11.50