Humanity Protocol (H) Price Skyrockets 75% After Airdrop — Now Overbought

Key Takeaways

• Driven by increased volume, H’s price has increased from $0.091 to $0.080 in a few days.
• However, exchange inflow has increased, suggesting that the token’s value might decline.
• Technical indicators reveal that the altcoin is overbought and risks a notable pullback.

H, the native token of the Humanity Protocol project, has taken the crypto market by storm today.

While most digital assets have struggled to hold their ground over the past 24 hours, H defied the trend, rallying more than 75% in a single day.

The surge comes just days after Humanity Protocol went live on the mainnet and distributed airdrops to early users.

Initially, the token’s price dipped post-launch, but momentum has since flipped in its favor.

Here’s what’s driving the turnaround and what could come next for H.

Humanity Protocol Token Bounces

The Humanity Protocol token launched seven days ago. At that time, H’s price was $0.13.

However, the market value crashed to $0.019 one day after amid selling pressure from airdrop recipients. With a total supply of 10 billion tokens, the project allocated 12%, which is 1.2 billion, to its community.

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The selling pressure has faded, with the Humanity Protocol price rising to $0.80. According to CCN’s findings, the altcoin’s value skyrocketed due to its rising volume.

For instance, the trading volume around H over the weekend was less than $10 million. As of this writing, it is close to $300 million.

From a trading perspective, the rise in volume, if sustained, could strengthen the uptrend. If the Humanity Protocol price maintains bullish momentum, the market value could be higher in the short term.

Exchange Inflow Rises

Despite this optimistic outlook, H’s price risks pulling back. One reason for this is the rising exchange inflow.

Lookonchain reported that a wallet deposited 35 million H tokens to crypto exchanges earlier today.

Around the same period, Jump Trading, one of the project’s market makers, received 25 million tokens and sent 8 million to exchanges.

While it is uncertain what these parties want to do with the transfers, the action alone suggests they might want to sell.

If that happens, the Humanity Protocol price might retrace from its recent highs.

H Price Prediction: Pullback Looms

On the 1-hour chart, H’s price was locked in an ascending channel. However, the Relative Strength Index (RSI) hit 91.61 earlier today, indicating that the altcoin was overbought.

Around the same period, the Chaikin Money Flow (CMF) reading dropped, implying that the buying pressure is fading.

Should this trend continue, the Humanity Protocol price might fall below the support at $0.064.

If validated, this could drag the price down to $0.039. However, if buying pressure increases again and profit-taking drops, H might rebound.

If that were to happen, the Humanity Protocol price might jump to $0.10. It could rise as high as $0.117 in a highly bullish case.