FxWirePro- INJUSD Daily Outlook

HNTUSD breaks significant resistance $8, jump to $10 possible (Chart of the day)

Helium is a decentralized distributed network of Hotspots for Internet of Things (IoT) devices using the LoRaWAN system. It is one of leading DePIN protocol.

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Less than 24 hours left to vote on HIP 124

HIP 124 proposes to increase IOT Network voting turnout by rewarding veIOT holders who actively participate in governance.

Any weekly close above $8 confirms further bullishness.

HNTUSD breaks significant resistance $8 after a long consolidation.The pair holds well above the short-term (34 and 55 EMA) and the long-term moving average in 4-hour chart. It hit a high of $8.36 and is currently trading around $8.04.

The bullish invalidation can happen if the pair closes below $3.50. On the lower side, the near-term support is $7.38. Any break below targets $6.90/$6.50/$6. 

The immediate resistance stands at around $8.55. Any breach above confirms a minor pullback. A jump to $9.20/$10 is possible.

Indicator (4-Hour chart)

CCI (14)- Bullish

CCI (50)- Bullish

Average directional movement Index - Bullish

It is good to buy on dips around $7.80-82 with SL around $6.90 for TP of $10