- Humanity Protocol trades at $0.1172 after an 11% drop.
- Its daily trading volume has plunged by over 64%.
Mixed sentiment across crypto tokens has the market swinging back and forth between red and green. The bull vs. bear battle is not over, but it is on pause—giving the market a moment of calm. With the fear sentiment lingering in the market, the largest assets, like Bitcoin (BTC) and Ethereum (ETH), have been trying to heal the bearish wound.
Among the altcoin pack, Humanity Protocol (H) has posted a loss of over 11.59% in the last 24 hours. In the early hours, the asset traded at a high of $0.1395, and as the bulls failed to hold their ground, the potent bears took command, likely pushing the price toward a bottom range of $0.1153.
The CoinMarketCap data has reported that at the time of writing, Humanity Protocol traded within the $0.1172 mark, with the market cap staying at $258.68 million. In addition, the daily trading volume of the asset has plummeted by over 64.79%, reaching the $52.16 million zone.
How Much Further Could Humanity Protocol Drop?
Humanity Protocol’s Moving Average Convergence Divergence (MACD) line has crossed below the zero line, pointing at its broader bearish momentum. But the signal line is above the zero line, indicating weakening bearish pressure. This crossover hints at a possible slowdown of the trend.
Moreover, the Chaikin Money Flow (CMF) indicator of the asset is settled at 0.08, which suggests a mild buying pressure in the H market. Since the value is above 0, it shows that the capital is flowing into the asset. But the strength is moderate, not aggressive enough to confirm a major trend shift yet.
The daily Relative Strength Index (RSI) found at 41.14 reflects a brief bearish momentum. Notably, the asset is in a weak downtrend, with enough room to move either way depending on market pressure. Furthermore, Humanity Protocol’s Bull Bear Power (BBP) reading, positioned at -0.0135, shows that the bears currently have the upper hand. With the weak bullish momentum, the market is leaning slightly toward the bearish side.
If the asset’s bearish pressure intensifies, the price might fall deeply and bring in a retest at the $0.1160 support. With the downside correction strengthening further, the bears could trigger the emergence of the death cross, sending the Humanity Protocol price to a low of $0.1148.
Conversely, assuming a bullish reversal, the bulls could instantly push the price to hit a resistance range at $0.1184. The golden cross may unfold as the upward pressure of the Humanity Protocol intensifies. Gradually, the price would move up to the subsequent resistance at $0.1196.
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Source: https://thenewscrypto.com/11-pullback-hits-humanity-protocol-are-the-bears-holding-out-for-a-bigger-knockdown/
