Price Movement
At the time of writing HNT stands at a price of $16.86 with a decrease of 2.89% in a single day. Higher time frames like most of the coins, HNT has a decrease of almost 32.10% in a month. HNT had achieved its all-time high at a price of almost $26.73 in April 2021. HNT on coinmarketcap is listed at 60th rank. The daily trading volume has increased by almost 28.29%
HNT Technical Analysis
The price of HNT has just made the all-time high and now is within the phase of complex correction of that impulsive move. The price recently had been making lower lows and lower highs making the trend bearish but as mentioned before this bearish trend is merely a correction of that bullish impulsive move so sooner or later a bullish move can be expected given all rules have been met with confluences.
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Now talking about the behavior of price. The price action is quite solid at the moment.
As it was trending down, it has started to create liquidity inducing buyers into the market. Just below here current liquidity is being engineered in a demand zone that is unmitigated and its very likely that the market will mitigate that particular area before rallying up again.
Besides this demand zone, there is the confluence with the golden zone of Fibo which makes sense for this zone to hold actually. Now first things first, no longs until this rejection area and liquidity gets broken and taken out respectively, and once price taps in the demand zone, a break of the trendline and previous market structure should be observed. As mentioned the market is bearish and taking shorts might not be a problem but seeing the evidences the market might soon shift its structure as the higher time frame order flow should always be the first priority. Once this trendline and previous market structure gets broken a possible long can be taken. The possible resistances in its way to the daily order block are laying at $22.33 and $19.39.
Now if the demand zone doesn’t hold, the price might go all the way till $10.09 to mitigate that orderblock.
Long Run
In the long run traders think that HNT has a very bright future. People and investors are expecting that the price can break out and achieve its all time once this correction ends. According to Wallet Investor the price can reach around $114 around 2026.
