The HNT skyrocketed on November 7th and at times rose to 60%. This resulted in a new all-time high of $ 59.07.

However, it was unable to hold higher and produced a long top wick that was 24% strength. This is a sign of profit taking by investors.

However, despite the decline, the technical indicators are still bullish on the daily timeframe.

The MACD, formed by the short and long-term moving averages, is in positive territory and rising. This means that the short term trend is faster than the long term trend.

The RSI, a momentum indicator, is above 70 and rising. This is a sign that the bullish momentum is still strong.

Hence, there is no sign that the uptrend is over.

HNT / USDT daily chart | Source: TradingView

Count waves

Trader @javonmm sketched the HNT chart and said the token could go up to $ 36.

Since the tweet, HNT has risen to $ 36, well above that level.

Looking at the entire upward trend since November 2020 (logarithmic histogram), it looks like HNT is in the fifth wave of a long-term upward impulse (white).

The most likely target for the pulse high is between $ 64.59 and $ 65.52. It is found using the outer 4.61 Fib retracement from shaft four (black) and the 2.61 Fib retracement from 1-3.

If the wave continues to expand, the next likely targets will be $ 85 and $ 107.

HNT / USDT daily chart | Source: TradingView

A look at the short-term chart shows an extension (highlighted) between October 11th and November 16th.

When looking at it, it seems impossible to count five waves (a bullish impulse). Therefore, the upward move does not seem to be over yet.

So HNT is expected to rise to at least $ 65 and possibly higher, toward the targets of $ 85 and $ 107.

HNT / USDT 12-hour chart | Source: TradingView

Short term movement

The Fib Retracement Tool is used to find potential support areas.

The closest support areas are $ 37.5 and $ 32.5. These are the levels of support for the fib retracement of 0.5 and 0.618. The second level is near the resistance line of the rising parallel channel that HNT broke earlier.

After that, the token continues to move upwards.

HNT / USDT 4-hour chart | Source: TradingView

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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