Humanity Protocol [H] is starting to gather some serious steam as the token’s buyers increase their footprint in the derivatives markets.
The token’s price is up by around 11% within the last 24 hours, with longs comprising 66% of all Open Interest. Such an alignment implies that the traders’ stance is clearly on more bullish gains in the near future for H.
Will the network bulls keep the momentum going in the long run?
Long positions build as momentum strengthens
Another positive sentiment to note is the network’s rising Open Interest. According to the recent derivative data, Humanity’s OI recorded a 12% daily surge to $35.85 million at press time.
This highlights the current fresh positioning as the key driver for the recent rally rather than a move driven solely by short covering.
At the same time, long positions command the largest share of the surging Open Interest. At the time of writing, long positions accounted for 66% of the total market exposure.
Can H reach the $0.169 swing high?
On the daily chart, the token has just crossed above the 20-day EMA, placing the buyers in control of the current trend. Notably, H is also testing the 50-day EMA level, which serves as the next technical resistance on the recovery path.
For prospective investors, a breakout above the 50-day EMA could strengthen the current bullish setup and give buyers room to target the previous swing high at $0.169.
In order to achieve the above scenario, H must continue staying above the 20-day EMA and gain sufficient spot demand to offset any possible profit-taking.
On the other hand, a rejection by the 50-day EMA could make things difficult for the recovery process and drag the token towards the support level.
As far as the network’s positioning is concerned, bulls have the upper hand. The network’s liquidation is skewed to the bull’s favor. Humanity short liquidation have surged to $11.3K ,exceed the the amount of shorts by over 10%.
The positive sentiments affirm the bullish bias. However, the risks associated with such positioning remain fairly elevated.
Final Summary
- Humanity token’s price has gained by 11% in the last 24 hours, while longs account for 66% of current positions.
- H is currently trading above the 20-day EMA as it tests the 50-day EMA, with the $0.169 swing high standing out as the next major target.
