Humanity Protocol jumps 12% – Does price action signal an 18% rally ahead?

With a 12.30% gain, Humanity Protocol [H] has extended its bullish streak for the third straight day.

In fact, the activity of the top 100 holders and the price action suggest that the asset could potentially continue its upward momentum in the coming days.

As of this writing, H was trading at $0.118, up 12.30% over the past 24 hours. Despite the price gain, market participation appeared to be hesitant, as evidenced by the trading volume, which declined by over 7.55% to $25.71 million.

A drop in trading volume during a price increase 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 have increased their holdings by 6.83%, indicating growing demand from large and long-term holders. In the crypto market, accumulation by large holders typically signals a potential buying opportunity for the asset.

Humanity Protocol eyes 18.50% upside

On the daily chart, H appeared bullish and poised for upward momentum. According to the H/USDT trading chart, the asset has recently broken out of a prolonged descending trendline and a bullish inverted head-and-shoulders pattern.

Based on the current price action, if H remains above the $0.106 neckline level, it could see an additional 18.50% gain and may 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) has risen 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 exchange liquidation map, $0.1093 on the lower side and $0.1221 on the upper side are two major liquidation levels.

At these levels, traders are over-leveraged, with $550.06K worth of long positions and $181K worth of short-leveraged positions. This suggests that bulls are dominating the asset, while bears appear to be exhausted.

Not only are short-term players bullish on H, but long-term holders also appear to be accumulating the token. The Spot inflow/Outflow indicated that over the past 24 hours, a modest $230K worth of H has flowed out of exchanges, hinting at potential accumulation. 

Final Summary

• The recent 12.30% surge in H has opened the door for further gains, with price action pointing toward a potential 18.50% rally.
• The top 100 holders have increased their positions by 6.83%, while both short-term traders and long-term investors appear to be aligning with the bullish trend.