33% Crash for Humanity Protocol (H): Will the Bears Continue to Slam It Into a Deeper Slide?

• Humanity Protocol has plunged over 33%, currently priced at $0.16.
• Its daily trading volume has skyrocketed by more than 311%.

A 1.32% spike in the cryptocurrency market has brought in some light green shades across the assets. But the overall market sentiment is fear, with the bears ruling and may gain strength anytime soon. Bitcoin and Ethereum are seeking to move up to reclaim the lost momentum. Among the altcoins, Humanity Protocol (H) has registered a loss of over 33.81%

The asset opened the day trading at $0.25, and a bullish push has taken the price toward a high of $0.3493, breaking its key resistance ranges at $0.2857 and $0.3135. With the bearish shift, the H price has retraced to the bottom range at $0.1692. As of this writing, Humanity Protocol trades within the $0.1697 mark

In addition, the asset’s market cap has reached $370.58 million. The daily trading volume has exploded by over 311% to the $283.57 million zone. Also, it is worth noting that the market has observed a liquidation of $3.30 million worth of Humanity Protocol in the last 24 hours, as per Coinglass data.

Will the Bears Tighten Their Grip on the Humanity Protocol?

Humanity Protocol’s Moving Average Convergence Divergence (MACD) line is settled below the signal line, which indicates bearish momentum. As both lines are below the zero line, it confirms the overall negative market sentiment and the broader downtrend.

*H chart (Source: TradingView)*Moreover, the Chaikin Money Flow (CMF) indicator of H is positioned at 0.14, suggesting moderate buying pressure in the market. Notably, as the value is above 0, the money is flowing into the asset, but it is not giving an extremely strong bullish signal yet.

Assuming the bearish correction in the Humanity Protocol market gains more traction, the price could slip to the crucial support at $0.1687. Further losses might trigger the asset’s death cross to unfold, sending it lower to its former low at the $0.1677 mark

If Humanity Protocol’s bulls appear, the price might move up to find the immediate resistance at around $0.1707. With the upside pressure, the golden cross could likely take place, gradually driving the price to climb toward its crucial level above the $0.1717 level.

The Bull Bear Power (BBP) reading at -0.10738 implies that the sellers currently have the upper hand. Since the value is negative, the H price is trading below. Also, the bulls need a strong push to regain dominance. Besides, Humanity Protocol’s daily Relative Strength Index (RSI) at 34.60 hints that it may approach the oversold zone, and the market is leaning bearish. There is a possible rebound area if selling pressure continues.

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