Humanity Protocol [H] has rallied 53% over the past month and was up 2.7% in the past 24 hours. Its bullish performance in April saw the altcoin break into the top 100 crypto assets by market capitalization.
In a post on X, Santiment pointed out that the Humanity Protocol whale transactions hit a 5-month high recently. At the same time, the network growth made a two-month high.
Whale transactions need not always reflect whale buying. While high network growth signaled new retail entrants and increased demand, there was reason to be cautious.
Volume trends might be flashing a warning sign. The daily trading volume was down 46%, according to CoinMarketCap data. This might be due to the weekend, but it helped explain the short-term momentum shift.
The long-term H structure remains bullish
While short-term momentum and high whale activity could spook some holders, the higher timeframe price structure remained bullish. On the weekly chart, the swing structure continued to favor the buyers .
H has made higher lows since September, keeping the trend going. In February, despite the market sell-off, H managed to shift its weekly internal structure bullishly (green) with a move beyond $0.219.
A drop below $0.0773 will shift this structure in favor of the sellers. Meanwhile, a rally beyond the $0.252 high will signal a trend continuation.
What are the next targets?
The altcoin’s performance in April has been solidly bullish. The CMF was above +0.05 to signal capital inflows. On the other hand, the MFI made a lower high while the price made a higher high.
This, combined with the falling volume, added to the idea that Humanity Protocol token prices might see a retracement.
In case of a pullback, the $0.110-$0.119 area would likely see a bullish reaction. A drop below $0.098 would represent a bearish market structure shift.
The current bullish structure meant that, retracement or otherwise, the next targets were the $0.18 and $0.23 local highs.
Final Summary
- Humanity Protocol exhibited strong bullish momentum on the price charts. It was accompanied by high whale activity and two-month highs in network growth.
- A bearish momentum divergence and falling trading volumes could lead to a pullback toward $0.110.
