r/HeliumNetwork • u/danggo-hel • 6h ago
General Discussion HNT after the pump: What to look for going forward - from a TA pov
Two days ago, HNT hit lower timeframe resistance $0.86 (see pic 1) and was rejected the following day. The rejection increases odds for a test of support level $0.45-$0.50.
Optimal scenario would be consolidation below current resistance ($0.86) without testing any support levels. With deeper corrections the following support levels should be watched.
See pic 2:
0.45-$0.50
A test would be considered a healthy correction after a strong impulsive move.
If tested and held as support, another challenge of $0.86 is likely with better odds for a successful outcome than the first (failed) challenge.
In this scenario bullish momentum ist fully intact.
If tested and fail to hold, odds increase for a test of next support level $0.25-$0.28 - the initial breakout level of HNT's impulsive move.
$0.25-$0.28
While a test would technically be still ok and bullish momentum not yet invalidated, it would be getting close(r). Not a good (out)look. Still, if tested and held, bullish momentum would continue to be intact. Though it would become harder to challenge $0.86 again, with $0.45-$0.50 flipped to resistance.
Bullish momentum would be intact, but considerably weakened.
If tested and fail to hold, odds would favor invalidation of bullish momentum.
Note that all support/resistance price levels are valid at a week's close. Wicks through support/resistance levels can occur during a week. Important is, where price closes at weekly close to determine whether a level has been taken or lost.
