Momentum Returns to Humanity Protocol: Will the 17% Rally Extend Further?
- Humanity Protocol has climbed to $0.16 following a 17% jump.
- Daily trading volume has skyrocketed by over 122%.
The brief loss has triggered the red waves across the crypto assets. All major tokens are charted into the bearish zone. The assets like Bitcoin (BTC) and Ethereum (ETH) have fallen back to their former lows, currently trading at $87.2K and $2.9K. Among the altcoin pack, Humanity Protocol (H) has posted a jump of over 17.44%.
In the early hours, the asset traded at a bottom range of $0.1395. With the bullish shift in the H market, the price has moved toward a high at the $0.2162 level, after breaking critical resistance zones. At the time of writing, Humanity Protocol traded within the $0.1699 range, with a market cap of $366.24 million
Besides, the daily trading volume of the asset has exploded by over 122.34%, reaching the $273.68 million mark. The Coinglass data has reported that the market has witnessed $4.46 million worth of Humanity Protocol being liquidated during the last 24 hours.
Can Humanity Protocol Keep This Uptrend Alive?
Humanity Protocol’s Moving Average Convergence Divergence (MACD) line is found above the signal line, implying bullish momentum. The short-term price momentum is stronger than the longer-term trend. Also, the greater the gap between the lines, the stronger the bullish momentum
H chart (Source: TradingView) In addition, the Chaikin Money Flow (CMF) indicator positioned at 0.15 hints at buying pressure in the H market. The capital is flowing into the asset, which is moderate, showing accumulation rather than aggressive buying. If it rises further, it can support a bullish price action
The trading pattern of Humanity Protocol exhibits active bullish pressure, with the price might move up and test the resistance range of $0.1739. Assuming the upside pressure strengthens, the bulls could trigger the golden cross to emerge and take the price up above the $0.1865 mark
Conversely, if a reversal in momentum occurs, it could immediately push the price down to hit a low of $0.1524. With the potent bears initiating a death cross formation, the Humanity Protocol price might have to encounter multiple supports between the $0.14 and $0.13 zones
Moreover, the asset’s daily Relative Strength Index (RSI) resting at 60.44 indicates bullish sentiment. The asset is trending higher but is not yet in the overbought condition. Humanity Protocol’s Bull Bear Power (BBP) reading of 0.0223 suggests slight bullish dominance in the market. As the value is very close to zero, the momentum is weak but positive. It is pointing more toward the consolidation than a strong trend.
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