HNT dips below $5 after Binance delisting: Will it decline further today?

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HNT dips below $5 after Binance delisting: Will it decline further today?

By Hassan Maishera - min read

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.

HNT/USD Chart By TradingView

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. 

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