Humanity Protocol (H): Is the Bear Market Here to Stay After a 33% Drop?

Humanity Protocol (H) experienced significant market activity, starting the day at $0.25 and peaking at $0.3493 before plummeting to around $0.1697. While bullish indicators were briefly present, the asset’s market sentiment is leaning bearishly, with an increasing volume suggesting potential further declines.

Key Takeaways

Humanity Protocol's price peaked at $0.3493 but has since dropped to $0.1697.
The asset's market capitalization is $370.58 million, with a notable trading volume spike of 311%.
There is a bearish sentiment reflected in technical indicators like MACD and RSI.
Potential support and resistance levels are identified at $0.1687 and $0.1707, respectively.

Humanity Protocol (H): Is the Bear Market Here to Stay After a 33% Drop?

Current Market Overview

Humanity Protocol began trading today at $0.25, achieving a high of $0.3493 following a bullish rally that surpassed significant resistance levels at $0.2857 and $0.3135. However, the market has shifted bearish, leading the price down to its current level of approximately $0.1697. The market capitalization of Humanity Protocol has reached $370.58 million, accompanied by a dramatic increase in daily trading volume, rising over 311% to about $283.57 million. Notably, there has been a liquidation of $3.30 million worth of the asset in the last 24 hours, according to data from Coinglass.

Are Bears Gaining Control of Humanity Protocol?

The technical analysis suggests that the bearish sentiment may persist. The Moving Average Convergence Divergence (MACD) line is below the signal line, reinforcing the bearish momentum as both indicators remain below the zero line.

H chart (Source: TradingView)

Additionally, the Chaikin Money Flow (CMF) indicator for Humanity Protocol stands at 0.14, indicating a moderate influx of buying pressure. While money is still flowing into the asset—evidenced by the positive value—this does not signal a strong bullish trend as of now.

If bearish momentum continues, we may see prices testing the key support level at $0.1687. If further losses occur, this could lead to a bearish 'death cross,' potentially pushing prices down to around $0.1677.

On the flip side, if the bulls manage to rally, the price could find resistance at approximately $0.1707. An upward movement might lead to a 'golden cross,' potentially lifting prices above the critical level of $0.1717.

The Bull Bear Power (BBP) currently reads -0.10738, suggesting that sellers dominate the market. As the value remains negative, it indicates that the Humanity Protocol price is trading lower. Additionally, the daily Relative Strength Index (RSI) is at 34.60, indicating a possible approach towards the oversold zone, which reinforces the current bearish sentiment. If selling pressure persists, there may be opportunities for reversal.

Latest Crypto Developments

Robinhood has reported strong performance in Q3, fueled by an increase in cryptocurrency trading.