- After an 8% gain, Humanity Protocol is trading at $0.22.
- The daily trading volume has increased by over 54%.
With the persistent bearish wave in the market continuing, crypto assets remain in the red, failing in their back-to-back recovery attempts. The broader sentiment is still hanging around extreme fear, and the largest assets like Bitcoin and Ethereum have retraced to their recent lows. Meanwhile, Humanity Protocol (H) has posted a 8.96% gain in value.
The token opened the day trading at a bottom of $0.2086, and with the entry of bulls, the momentum shifted and sent the price to a high of $0.2487. Also, a few crucial resistances were broken between $0.2097 and $0.2476. At press time, Humanity Protocol trades at $0.2208, with its trading volume having soared by 54.97% to $112.82 million.
Humanity Protocol’s 4-hour chart reports the downtrend may form if the bullish pressure fades. Assuming the price climbs to the resistance above $0.2221, the uptrend could expand. Upon the emergence of the golden cross, the bulls would send the price toward the $0.2234 range.
On the support side, a potential bearish fall might initiate the Humanity Protocol price to slip to $0.2195. With the formation of the death cross, the price movement may face a few key support levels. The bears could strengthen the move on the downside and let the value retrace to $0.2182.
Pullback or Trend Shift? Humanity Protocol at a Technical Crossroads
Humanity Protocol’s technical analysis displays that the Moving Average Convergence Divergence (MACD) line slips below the signal line. It shows that a short-term bearish momentum is starting to build. Since both lines are above zero, the broader trend remains bullish.
In addition, the Chaikin Money Flow (CMF) settled at 0.27 hints at strong buying pressure in the asset’s market. As it is above zero, the capital is flowing into the asset, supporting the bullish momentum. Notably, the higher the positive value, the stronger the accumulation trend.
The daily Relative Strength Index (RSI) found at 62.27 suggests the token is showing a strong upside trajectory. It may approach the overbought territory above 70, as there is still room for more climbing. Humanity Protocol’s Bull Bear Power (BBP) reading of 0.0104 indicates a slight dominance of the bulls. Significantly, the buyers currently have the edge, but this modest value exhibits that the momentum is tempered, not strong.
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Source: https://thenewscrypto.com/early-signs-of-weakness-emerge-will-humanity-protocol-test-the-bullish-structure/
