Jakarta, Pintu News – On July 2, Humanity Protocol’s H token, experienced a gain of more than 90%, rising from a daily low of $0.04259 to a high of $0.08235.
Trading volume surged by 257.54%, attracting attention across the digital asset world, while the total market cap saw an increase of 0.6%.
As of July 2, the H token is still trading about 50% below its all-time high of$0.1575 reached about a week ago.
According to blockchain analytics firm Lookonchain, a suspicious wallet (0x859e) deposited 35 million H tokens (worth about $2.7 million) onto the exchange just 12 hours before the latest price spike occurred.
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The transaction has sparked debate on whether the move was intended to take advantage or was an attempt at market manipulation.
The situation was further complicated by the involvement of Jump Trading, a strategic investor and market maker for Humanity Protocol. On launch day, Jump received 25 million H tokens and then deposited 8 million of them on the exchange.
On the hourly chart of token H (2/7), the RSI briefly peaked above 76 before dropping to around 58, indicating that the token has entered overbought territory but is now starting to gradually cool off.
Meanwhile, the MACD shows a narrowing gap between the MACD line and the signal line, signaling that the bullish momentum is starting to weaken. However, as the histogram is still in the positive zone, the trend has not completely reversed to bearish.
Fibonacci retracement levels (from a low of $0.0424 to a local high of $0.0988) reveal that the Fib 0.382 level at $0.0772 is currently acting as a strong intraday support area.
If the bulls manage to hold this zone, there is a potential retest to $0.0855 (0.236 Fib level), and eventually to $0.0988.
Conversely, if the $0.0772 level fails to hold, the price could drop to the 0.5 ($0.0706) and 0.618 ($0.0639) levels, which are important areas where buyers are likely to step back in.
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If the momentum strengthens again and the volume remains high, the price has the opportunity to break the $0.09 level and try again to test the psychological limit of $0.10.
As explained by Delphi Digital, Humanity Protocol is developing a modular identity platform that allows users to prove their identity without having to reveal personal data.
The platform supports biometric authentication through palm scanning, with the option of blood vessel detection, which is a more privacy-focused alternative to iris or facial recognition.
Users can prove credentials such as educational history, banking status, or work experience through encrypted and decentralized zkProofs-without divulging personal information.
However, Delphi also highlighted a number of red flags, one of which was the lack of transparency regarding the vesting schedule for early investors holding 29% of the total supply, raising concerns of potential dilution.
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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
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