After a 17% Nosedive, Can Humanity Protocol (H) Bounce Back or Break Down?

• Humanity Protocol has dropped to $0.061 after a 17% slip.
• Daily trading volume has surged by over 84%.

The crypto market’s mixed sentiment has pushed the assets to swing between dips and spikes. Notably, Bitcoin and Ethereum have fallen back, trading at $108K and $2.5K. Among the altcoins, Humanity Protocol (H) has plummeted by over 17.83% in the last 24 hours

In the early hours, the asset traded at a high range of $0.07985 with bullish support. Gradually, the bulls lost ground, and the bears took charge, sending the price toward a low at the $0.0608 level. At press time, Humanity Protocol traded within the $0.06105 range, with a market cap of $111 million

In addition, the daily trading volume of the asset has increased by over 84.25%, reaching $558 million. As per Coinglass data, around $2.17 million worth of Humanity Protocol was liquidated in the market during this period.

Zooming in on the last seven days, the asset has recorded a gain of over 37%. H began trading at around $0.044, and with the bullish pressure, it has climbed to a weekly high at the $0.10 zone

Can the Humanity Protocol Hold Its Ground or Fall Further?

Humanity Protocol’s Moving Average Convergence Divergence (MACD) line has crossed below the signal line. This crossover indicates that a bearish momentum is building. The selling pressure of the asset may increase, and the price would move downward in the short term. Moreover, the Chaikin Money Flow (CMF) indicator resting at -0.33 suggests strong selling pressure in the market, with a significant outflow of capital from the asset.

*H chart (Source: TradingView)*The asset’s daily Relative Strength Index (RSI) is found at 34.18 hints that the asset is approaching the oversold territory below 30. This likely reflects a growing bearish pressure. Humanity Protocol’s Bull Bear Power (BBP) reading of 0.016155 signals that the bears have the upper hand. A continued downtrend is expected unless a reversal occurs

The recent trading session of H pointed out the ongoing bearish pressure; the price might slip and bring in a retest at the support range of $0.06091. Assuming the downside correction strengthens, the Humanity Protocol could trigger the death cross to emerge. The bears may pull the price back to the $0.06078 mark.

Conversely, Humanity Protocol’s potent reversal might send the price to hit a high at $0.06113. With the formation of a golden cross, the price may encounter multiple resistance zones between $0.06119 and $0.06239. A further correction on the upside could likely drive the price toward its former highs.

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