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Humanity Protocol Price Soars 106% Hitting ATH as Meta Comparison Boosts Recognition

Highlights:

  • The price of Humanity Protocol rallies 106%, hitting an ATH at $0.095, before retracing to $0.079.
  • Its daily trading volume has increased by 256%, with the H token trending among the top coins.
  • Technical indicators such as the RSI suggest room for further upside.

As of 2 July, the Humanity Protocol price rallied about 106% to an ATH of $0.095, before retracing to current levels at $0.079, still up over 80%. Its daily trading volume has notably increased by about 256%, indicating heightened market activity. This recent spike has pushed the H token to trend among the top coins on CoinMarketCap.

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Meanwhile, Humanity Protocol is becoming recognizable, with big tech companies like Meta being compared to it. Meta is a technology giant valued at $ 1.8 trillion, the owner of tools such as Facebook, Instagram, and WhatsApp. Recently, Terence Kwok, one of the founders of Humanity Protocol, expressed gratitude to Delphi Digital and highlighted the significance of the protocol’s operation in the subfield of identity verification. 

With the emergence of AI, the issue of identity authentication has become increasingly essential. Humanity Protocol addresses this issue by developing the necessary infrastructure for credential verification. This ensures that individuals’ identities remain unblemished, despite the current environmental circumstances where information falsification by AI is relatively easy.

Humanity Protocol Hits ATH at $0.095: How High Can H Token Go?

The Humanity Protocol price is showing a splendid bullish momentum, rallying about 106% in a day, to an intraday high of $0.095. However, a slight retracement has occurred, causing a pullback to current levels of $0.079, still up over 80%. The H token is currently trading well within the confines of a rising parallel channel. Moreover, the bulls have established a strong support level around $0.055, aligning with the 50-day MA, which tilts the odds towards the upside. 

Humanity Protocol price
H/USD 1-hour chart: TradingView

On the other hand, the RSI (Relative Strength Index) sits at 60.65. This suggests that the token is at risk of becoming overbought. However, it still has room to climb and reach critical resistance levels. Furthermore, the Humanity Protocol price has been exhibiting impressive growth. Its derivatives market has increased its trading volume by 191.88% and is currently up to $3.10 billion. Open interest has also doubled by 87.89%, to current levels of $140 million, indicating that investors are highly active.

H Derivatives Analysis. Source: CoinGlass

The 24-hour long /short ratio is at 1.0396, which means that more traders are betting that the prices will rise. Remarkably, the liquidations witnessed on the protocol are substantial, with those from the previous hour and the previous 24 hours totaling 680.58K and 14.50 million, respectively. This information indicates high volatility and increased certainty in the potential of Humanity Protocol to continue moving to the upside in this market.

Is a Rally to $0.015 Plausible in H Token?

Humanity Protocol price is riding the bullish wave, with the upper resistance at $0.095. If the conviction holds and the support zone at $0.055 remains intact, the H token may rally towards its $0.01 high. In a highly bullish case, a breach above $0.01 will open the doors towards $0.015. On the flipside, if the RSI spills into the overbought territory, a slight drop could be imminent. In that case, the $0.0.07-$0.05 safety net will cushion against further downside. 

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