Humanitarian Protocol (H) increased by 53% in the last month and by 2.7% in the last 24 hours. Its bullish performance in April saw the altcoin enter the top 100 crypto assets by market capitalization.
In an article on X, Santiment highlighted that Humanity Protocol whale trading recently hit a 5-month high. At the same time, network growth reached its highest level in two months.
Whale transactions do not always necessarily reflect whale purchases. While strong network growth is a sign of new retail entrants and increased demand, there is reason for caution.
Volume trends could be a warning sign. Daily trading volume declined by 46%, according to data from CoinMarketCap. This could be due to the weekend, but it helped explain the short-term change in dynamics.
Long-term H structure remains bullish
Although the short-term momentum and strong whale activity may spook some holders, the longer-term price structure has remained bullish. On the weekly chart, the swing structure continued to favor buyers.
H has made higher lows since September, maintaining the trend. In February, despite the market liquidation, H managed to modify its weekly internal structure in a bullish manner (green) with a movement beyond $0.219.
A decline below $0.0773 will shift this structure in favor of sellers. Meanwhile, a rally beyond the $0.252 high will signal a continuation of the trend.
What are the next targets?
The altcoin’s performance in April was solidly bullish. The CMF was above +0.05 to signal capital inflows. On the other hand, MFI made a lower high while the price made a higher high.
This, combined with the drop in volume, added to the idea that Humanity Protocol token prices could experience a retracement.
In the event of a pullback, the $0.110 to $0.119 area would likely see a bullish reaction. A decline below $0.098 would represent a bearish change in market structure.
The current bullish structure means that, retracement or otherwise, the next targets were the local highs of $0.18 and $0.23.
Final summary
- Humanity Protocol showed strong bullish momentum on the price charts. This was accompanied by strong whale activity and a peak in network growth over the past two months.
- A bearish momentum divergence and lower trading volumes could lead to a pullback towards $0.110.
