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Lunam Points
Helium (HNT) has retraced almost 24% compared to its local summit at $ 4.5. On Saturday April 12, HNT saw a bull market structure breaking after climbing beyond the recent lower at $ 3.4. This indicated the end of the previous decrease trend that had been at stake since the end of January.
Source: HNT / USDT on tradingView
After breaking the upward structure, HNT reached a local summit at $ 4.5. It has since fallen at $ 3.4, but the crypto has retained its upward structure. The next long -term support levels were $ 3 and $ 2.25. A transition to these levels may be possible for two reasons.
The first is potential volatility around Bitcoin (BTC). Currently, it is not clear if BTC has even formed its local background. A drop below $ 83,000 could inaugurate market -scale sales and affect HNT negatively. The other reason would be the lack of overwhelming purchase pressure.
The OBR tested its peaks in February when it changes the bullish market structure, but the OBR was unable to climb higher. This alluded to a certain weakness of the Bulls. If the OBV can establish an upward trend in the coming days, the chances of another helium rally could be higher.
Source: HNT / USDT on tradingView
On the 4 -hour table, the RSI revealed that the momentum slowed down in last week. The price action has stressed that the lower (red) brewing block (red) at $ 3.7 served as resistance in the last two days. The difficulties of the OBV in making a new summit were clearer on this period.
At the time of writing the editorial staff, HNT was negotiating around the level of retracement of 50% and could bounce higher and beyond $ 3.7. This would require higher purchase pressure, so traders can look at the OBB for the indices of a rupture exceeding $ 3.7.
The structure was down to the 4 -hour graph, and a BTC drop below $ 83,000 would strengthen the short -term lower bias for helium. In this scenario, merchants can look for opportunities to sell, targeting a retracement at $ 2.75 to $ 3.
Notice of non-responsibility: The information presented does not constitute financial investments, exchanges or other types of advice and is only the opinion of the writer