HNT, the native token of the Helium ecosystem, has been delisted from Binance, and the coin is now trading below $5.
Binance, the world’s leading crypto exchange, revealed last week that it was delisting some HNT trading pairs on its platform. The HNT/USDT and HNT/BUSD pairs are no longer available for users on the Binance exchange.
The move has seen the HNT token dip from over $5 it was trading last week to currently trading at $4.58 per coin.
HNT is down by 1% in the last 24 hours but could sustain further losses as Binance said it would close user positions and cancel all pending orders on the HNT/BUSD and HNT/USDT cross and isolated margin pairs on October 12th.
The poor performance coincides with that of the broader cryptocurrency market. The total cryptocurrency market cap has dropped below $950 billion after the market lost around 1% of its value in the last 24 hours.
Bitcoin, the world’s leading cryptocurrency by market cap, continues to trade below $20k and is down by less than 1% so far today. Ether has also lost less than 1% of its value but continues to trade above $1,300 per coin.
Key levels to watch
The HNT/USD 4-hour chart is bearish, as Helium has been underperforming over the last few hours.
The MACD line is below the neutral zone, indicating that the bears are currently in control of the market. The 14-day relative strength index of 34 shows that HNT could soon enter the oversold region if the bearish trend continues.
At press time, HNT is trading at $4.58 per coin. If the current momentum is sustained, HNT could drop toward the support level at $3.968 before the end of the day.
In the event of an extended bearish run in the next few days, HNT could drop toward the second major support level at $3.097 for the first time in a month.