Analysis

HNT Price To Face $10 Hurdle Before A 2x Bull Run?

Published

1 year ago

August 27, 2024

Broader market volatility elevated in a single day as Bitcoin fell 2%, and lengthy liquidations spiked to just about $100 million final evening. Amid rising volatility, HNT value continues to rise in opposition to the bearish tide with a rise of 12%.

With a bullish engulfing candle, Helium sees a breakout to a brand new 52-week excessive this week. Is that this the upcycle we should always purchase for a breakout rally above $10? Let’s discover out.

HNT Worth Ignites In a single day Bull Cycle

With a market capitalization of $1.14 billion, Helium ranks quantity 59 within the crypto market. Nevertheless, as a prime performer within the broader market restoration, HNT value is anticipated to interrupt by way of $10 this 12 months.

The every day logarithmic chart of HNT value exhibits a descending channel breakout within the quick time period. With a bullish pattern over the previous 45 days, the altcoin has risen 127% since July 12.

The expansion of bullish affect has resulted in a golden crossover between the 50-day and 200-day exponential shifting averages. Primarily based on the Fibonacci stage, the channel breakout rally is consolidating between the 78.60% and 61.80% Fibonacci ranges.

By way of value motion ranges, the consolidation extends from $6.22 to $7.684. After overcoming the latest destructive cycle, HNT value elevated by 12.29% in a single day and is presently buying and selling at $7.08 with an intraday development of 1.30%.

Because the bullish pattern continues, the bulls might quickly problem the overhead resistance for a breakout rally. The uptrend within the every day RSI line additionally continues, growing the possibilities of a breakout rally.

READ Trader Says Memecoin That’s Up Over 15,000% Year-to-Date Still Looks Pretty Strong, Updates Outlook on Bitcoin

Essential ranges for helium

Primarily based on the Fibonacci stage, the upcoming resistances are on the 100% and 1,618 ranges, $10,053 and $21,847 respectively. Conversely, the Fibonacci ranges of fifty% and 38.20% will assist assist the disaster rally. The Fibonacci ranges talked about are at $5,365 and $4,626 respectively.