With a gain of 12.30%, Humanity Protocol (H) extended its bullish streak for the third consecutive day.
In fact, the activity of the top 100 holders and price action suggest that the asset could potentially continue its bullish momentum in the coming days.
At the time of writing, H was trading at $0.118, up 12.30% in the last 24 hours. Despite the price rise, market participation appears hesitant, as evidenced by trading volume, which declined by over 7.55% to $25.71 million.
A drop in trading volume during a price rise suggests that investors and traders may not be interested in the current trend, potentially due to ongoing tensions in West Asia.
However, the top 100 wallet addresses increased their holdings by 6.83%, indicating increasing demand from large and long-term holders. In the crypto market, accumulation by large holders typically signals a potential buying opportunity for the asset.
The Humanity Protocol envisages an increase of 18.50%
On the daily chart, H looks bullish and ready to see bullish momentum. According to the H/USDT trading chart, the asset recently broke out of an extended descending trendline and a bullish inverse head and shoulders pattern.
Based on the current price action, if H stays above the $0.106 neckline level, it could see a further gain of 18.50% and could reach the $0.1431 level in the coming days. However, this bullish thesis could be invalidated if the price falls below the $0.106 level.
At press time, the technical indicator Average Directional Index (ADX) rose to 28.81, above the key threshold of 25, indicating strong directional strength in the asset.
Derivatives Data Signals Bullish Sentiment
According to H’s trade liquidation chart, $0.1093 at the bottom and $0.1221 at the top are two major liquidation levels.
At these levels, traders are overleveraged, with $550,06,000 in long positions and $181,000 in leveraged short positions. This suggests that the bulls are dominating the asset, while the bears appear exhausted.
Not only are short-term players bullish on H, but long-term holders also appear to be accumulating the token. The Entry/Exit Spot reported that in the past 24 hours, a modest $230,000 worth of H left exchanges, hinting at potential accumulation.
Final summary
- H’s recent 12.30% rise has opened the door for further gains, with price action pointing towards a potential 18.50% rebound.
- The top 100 holders increased their positions by 6.83%, while short-term traders and long-term investors appear to be aligning with the uptrend.
