Connect with us

Digital Assets

Helium (HNT) Price Hits Bottom at $30 in January 2022

mm

Published

 on

Securities.io is committed to rigorous editorial standards. We may receive compensation when you click on links to products we review. Please view our affiliate disclosure. Trading involves risk which may result in the loss of capital.

The last year has been a big one for the crypto industry. Thanks to the rally that Bitcoin started all the way back in 2020, a lot of altcoins skyrocketed in 2021, going high up to heights that many of them had never seen before. Helium, for example, is a young coin that went life in 2020, but until 2021, it’s price barely made any movement worth mentioning.

Starting in January 2021, the coin went up from $1.2 to $20 in early April, and then to $25 in late August, only to skyrocket again and hit an all-time high at $55.22 in mid-November. Unfortunately, reaching this milestone was followed by a crash — not just for HNT, but the entire crypto industry.

HNT specifically went from $55.22 to $26.17 in exactly one month. Fortunately, it saw a bit of a recovery that took it to a resistance at $40 in those final days of December, and that’s where it ended 2021 — at $40, struggling to breach this level.

Helium in 2022

Finally, after the year ended, most people expected that crypto prices would return to rallying and potentially reaching their ATHs, or maybe even making new ones. For the first few days of the year, Helium’s token HNT really did try to go back up.

It still struggled with the resistance at $40, however. The coin entered the new year with a price of $38, and it immediately attempted to breach the level at $40. Unfortunately, the resistance held, and HNT made multiple new attempts on January 1st and 2nd.

By the end of the second day of the year, the coin was once again pushed down to $38, and it made yet another attempt. Somehow, this last one worked, and the HNT price actually managed to hit the next resistance at $42 this time, right as January 3rd dawned.

This new resistance once again proved very difficult to breach, and just like with the last one, HNT spent several days trying to do it. Each attempt resulted in a bit stronger rejection until the coin was finally pushed back down towards $38. It bounced back and managed to breach the $42 level late on January 4th, and by early January 5th, it was at $44.

Helium in 2022

It even briefly broke this resistance by the end of the same day, and that’s the highest the coin has been in 2022 so far, making its YTD high just shy of $45. From here on, things went down the hill for HNT.

The crash

In the final hours of January 5th and early next day, HNT crashed from its new YTD high to a support at $38, and then even slightly below it, to $36.88. It attempted to make a recovery which once again took it to $40, only for it to crash even harder next time.

By January 8th, the coin was down at $31.15, and after a brief recovery to $34, it crashed yet again, this time to $30. It reached this level on January 10th, and this proved to be a strong enough support to hold it from going further down. The coin even managed to recover to $36 by late January 12th, only for a new drop to start on January 13th, and take the coin back to $32. In the last several hours, the coin started another recovery, which brought it to $32.74 at the time of writing.

For the time being, however, HNT price lacks the strength to break out, although it might be that it found its bottom at $30, and that this level could hold against further bearish waves.

Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.

Newsletter Subscription

Advertiser Disclosure: Securities.io is committed to rigorous editorial standards to provide our readers with accurate reviews and ratings. We may receive compensation when you click on links to products we reviewed.

ESMA: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Investment advice disclaimer: The information contained on this website is provided for educational purposes, and does not constitute investment advice.

Trading Risk Disclaimer: There is a very high degree of risk involved in trading securities. Trading in any type of financial product including forex, CFDs, stocks, and cryptocurrencies.

This risk is higher with Cryptocurrencies due to markets being decentralized and non-regulated. You should be aware that you may lose a significant portion of your portfolio.

Securities.io is not a registered broker, analyst, or investment advisor.