Helium has emerged as the best-performing cryptocurrency amongst the prime 100 cash by market cap on Wednesday.
HNT, the native coin of the Helium blockchain, is the finest performer amongst the prime 100 cryptocurrencies by market cap at this time. Helium’s efficiency comes regardless of the broader crypto market underperforming in the final 24 hours.
The broader cryptocurrency market is buying and selling in the crimson zone after beginning the week positively. The complete cryptocurrency market cap is now round $941 billion, down by greater than 5% to date at this time.
Bitcoin has as soon as once more dropped under $19k and is at present buying and selling at $18,790, down by greater than 5% in the final 24 hours.
Ether, the second-largest cryptocurrency by market cap, is additionally down by greater than 8% in the final 24 hours and is at present buying and selling at $1,520 per coin.
Although HNT is the finest performer amongst the prime 100 cryptocurrencies by market cap at this time, there is no obvious catalyst behind this transfer. Despite HNT’s ongoing constructive efficiency, the coin has misplaced greater than 27% of its worth in the final seven days.
Key ranges to observe
The HNT/USD 4-hour chart stays bearish regardless of Helium outperforming the market in the final 24 hours. HNT’s technical indicators present that the coin is recovering from its current stoop.
The MACD line dropped into the detrimental zone on August twenty fifth and continues to stay there. Despite HNT’s constructive efficiency, the MACD line is nonetheless inside the detrimental area, indicating that the bears haven’t relinquished management.
The 14-day relative power index of 49 reveals that HNT is now not in the oversold area. HNT would want to rally greater to enter the overbought territory over the subsequent few days and weeks.
At press time, HNT is buying and selling at $4.028 per coin. If the restoration continues, HNT may surge previous the $4.470 resistance stage earlier than the finish of the day.
However, HNT would want the help of the broader market to maneuver previous the second main resistance level at $5.017.
The bears are nonetheless round and will drag HNT under the $3.7771 help stage over the subsequent few hours.