Humanity Protocol (H) Token Surges 90% Amid Increased Whale Activity
The Humanity Protocol (H) token surged over 90%, moving from a low of $0.04259 to a high of $0.08235, with trading volume increasing by 257.54%. Despite this gain, the token still trades approximately 50% below its recent all-time high of $0.1575.
Whale Activity
- A wallet (0x859e) deposited 35 million H tokens ($2.7 million) to exchanges 12 hours before the price rally.
- This transaction has raised speculation on potential profit-taking or market manipulation.
- Jump Trading is both a strategic investor and market maker for H, having received 25 million tokens at launch and depositing 8 million subsequently.
Technical Analysis
- The RSI peaked above 76, indicating overbought conditions, and has since receded to around 58.
- The MACD shows a narrowing gap, suggesting slowing bullish momentum; however, it remains positive.
- Fibonacci retracement levels indicate that the 0.382 Fib level at $0.0772 serves as intraday support.
- If support holds, a retest of $0.0855 and potentially $0.0988 could occur. Failure to maintain $0.0772 may lead prices to $0.0706 and $0.0639.
H Token Hourly Chart | Source: TradingView
Humanity Protocol Overview
- The protocol aims to develop a modular identity platform enabling users to verify their identity without disclosing private information.
- It incorporates biometric authentication via palm scanning and optional vein detection.
- Users can prove credentials through encrypted zkProofs while maintaining privacy.
- Concerns exist regarding transparency about the vesting schedule for early investors holding 29% of the supply, raising dilution risks.