TradeCityPro | HNT: Key Support & Potential Breakout Levels
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In this analysis, I will review the HNT coin. This project is part of the Web & IoT sector and operates within the Solana ecosystem.
📅 Weekly Timeframe
In the weekly timeframe, we can see a consolidation box that formed after a strong upward leg. The bottom of this box is at $3.007, while the top is at $9.696.
🔍 A curved trendline is also visible, which previously supported the price from $1.226 to $9.696. However, this trendline was broken, triggering a downward move. As a result, selling pressure increased, leading to a decline towards the bottom of the consolidation box.
🔽 Currently, the price is at a critical support level that could determine the trend for the coming months. If RSI stabilizes below 36.52, it would indicate strong bearish momentum, increasing the likelihood of a break below $3.007.
⚡️ If this support level is broken, the market structure will change, and the price could drop further to the $1.226 support level.
📈 If the price rebounds from this support and starts forming a bullish structure, the most important breakout trigger will be at $9.696. If this level is broken, the next upward leg could begin, with a target of $30.787.
📅 Daily Timeframe
In the daily timeframe, we can observe the latest price movement in greater detail.
💥 After reaching the $9.210 resistance and facing rejection, bearish momentum intensified, causing the price to decline sharply in a waterfall pattern, dropping to $3.177.
🔑 In waterfall declines, a trendline usually forms, and breaking this trendline typically ends the move, leading to a range-bound phase. Therefore, if the price breaks this trendline, I expect the downward leg to end. Confirmation could also come from RSI breaking above 43.18.
📉 For short positions, an entry can be considered if the $3.177 support breaks. If this happens, stronger bearish momentum could push the price toward the $2.104 support level. However, I believe that if the price ranges and consolidates above $3.177 before breaking down, the short setup would be more reliable.
🔼 For long positions, no clear structure has formed yet. We need to wait for price action to develop and provide valid entry triggers.The first potential trigger is at $4.220, followed by 5.474.However, these levels could shift if a new price structure forms, so I recommend waiting for updated triggers before entering a long position.
📊 Market volume analysis shows that selling volume dominates, with large red candles exceeding the size of green candles during corrections. This suggests that sellers currently control the market momentum.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
In this analysis, I will review the HNT coin. This project is part of the Web & IoT sector and operates within the Solana ecosystem.
📅 Weekly Timeframe
In the weekly timeframe, we can see a consolidation box that formed after a strong upward leg. The bottom of this box is at $3.007, while the top is at $9.696.
🔍 A curved trendline is also visible, which previously supported the price from $1.226 to $9.696. However, this trendline was broken, triggering a downward move. As a result, selling pressure increased, leading to a decline towards the bottom of the consolidation box.
🔽 Currently, the price is at a critical support level that could determine the trend for the coming months. If RSI stabilizes below 36.52, it would indicate strong bearish momentum, increasing the likelihood of a break below $3.007.
⚡️ If this support level is broken, the market structure will change, and the price could drop further to the $1.226 support level.
📈 If the price rebounds from this support and starts forming a bullish structure, the most important breakout trigger will be at $9.696. If this level is broken, the next upward leg could begin, with a target of $30.787.
📅 Daily Timeframe
In the daily timeframe, we can observe the latest price movement in greater detail.
💥 After reaching the $9.210 resistance and facing rejection, bearish momentum intensified, causing the price to decline sharply in a waterfall pattern, dropping to $3.177.
🔑 In waterfall declines, a trendline usually forms, and breaking this trendline typically ends the move, leading to a range-bound phase. Therefore, if the price breaks this trendline, I expect the downward leg to end. Confirmation could also come from RSI breaking above 43.18.
📉 For short positions, an entry can be considered if the $3.177 support breaks. If this happens, stronger bearish momentum could push the price toward the $2.104 support level. However, I believe that if the price ranges and consolidates above $3.177 before breaking down, the short setup would be more reliable.
🔼 For long positions, no clear structure has formed yet. We need to wait for price action to develop and provide valid entry triggers.The first potential trigger is at $4.220, followed by 5.474.However, these levels could shift if a new price structure forms, so I recommend waiting for updated triggers before entering a long position.
📊 Market volume analysis shows that selling volume dominates, with large red candles exceeding the size of green candles during corrections. This suggests that sellers currently control the market momentum.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
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💰 Join the Telegram Channel Now: t.me/Tradecityproint
🏆 Best Crypto Exchange: bit.ly/tcpbit
🤵 Business Contact: Tradecityproteam@gmail.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
💥 Don’t Miss Out!
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🏆 Best Crypto Exchange: bit.ly/tcpbit
🤵 Business Contact: Tradecityproteam@gmail.com
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🏆 Best Crypto Exchange: bit.ly/tcpbit
🤵 Business Contact: Tradecityproteam@gmail.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.