- Humanity Protocol trades at the $0.14 range.
- Its negative momentum is dominating.
With the steady bearish wave in the market, the broader sentiment is hanging around the fear zone. Meanwhile, Humanity Protocol (H) has posted a loss of around 24.82% in value. The token opened the day trading at $0.1944, and with the bearish encounter, the price has slipped to $0.1493.
At press time, Humanity Protocol trades within the $0.1422 range, with its trading volume having soared by 49.04%, reaching the $34.35 million mark. As reported by the Coinglass data, the market has experienced a liquidation of over $629.26K worth of H over the last 24 hours.
Humanity Protocol’s 4-hour price chart reveals a sturdy downtrend in the market. With the bears in control, the price might slip to the support zone at around $0.1352. Assuming the emergence of the death cross, the price is expected to move toward the $0.12 range.
On the upside, a potential climb might initiate the Humanity Protocol price to hit the resistance at $0.1517. Significantly, the bulls could strengthen the move and let the value jump to the $0.1601. With the formation of the golden cross, the price may encounter a few key levels.
Is the Downward Trend Set to Continue for Humanity Protocol?
Humanity Protocol’s technical analysis displays that the Moving Average Convergence Divergence (MACD) and signal lines are below the zero line. The asset remains in a bearish phase, and the negative momentum is dominating. As long as both indicators stay below zero, the broader market favours continued downside pressure.
In addition, the Chaikin Money Flow (CMF) of the asset is settled at -0.02, showing very mild selling pressure. The capital outflows are only slightly exceeding inflows. Also, neither buyers nor sellers have a clear advantage, reflecting a largely neutral market, but there is no strong sign of aggressive selling or distribution.
The daily Relative Strength Index (RSI) found at 29.69 indicates that Humanity Protocol is entering the oversold territory. Technically, the recent selling pressure has been strong, pushing the momentum to a level where the market may be becoming stretched to the downside, and bears remain in control.
Besides, the Bull Bear Power (BBP) reading of -0.07676 exhibits mild bearish pressure. The price is trading below its average, and the reading is not deeply negative, so the bearish momentum remains relatively limited. Stronger selling pressure would be needed to confirm a more decisive downtrend.
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