Helium (HNT), the cryptocurrency powering the decentralized wireless network, has defied the recent market crash with a stunning comeback. Within just 10 days, HNT skyrocketed a staggering 112% from its low of $3.47, formed during the broader market downturn. This bullish momentum has analysts wondering: can HNT maintain its trajectory and reach the coveted $10 mark?
Helium’s Uptrend Outpaces Market Slump
Unlike many cryptocurrencies that succumbed to the market crash, Helium’s price action has been nothing short of phenomenal. The altcoin’s relentless rally has not only erased year-to-date losses but pushed it into positive territory, currently boasting a 5.22% gain for 2024. Additionally, trading volume has surged, fueling Helium’s market capitalization to a healthy $1.2 billion. This impressive performance positions HNT as a potential frontrunner among Solana-based altcoins.
Technical Analysis Paints a Bullish Picture
Examining Helium’s daily chart reveals a “rounding bottom reversal” pattern, signifying a bullish trend gaining momentum at breakneck speed. The ongoing rally has already propelled the price by 112%, with HNT currently trading at $7.34. Interestingly, the daily candle formation hints at a temporary pullback, but the long tail indicates strong underlying demand preventing a significant price drop.
Fibonacci retracement levels, a popular technical analysis tool, further bolster the bullish case. The recent price surge has surpassed the critical 50% and 61.80% Fibonacci levels ($5.528 and $6.336, respectively), highlighting a potential run towards the psychological barrier of $10.
Indicators Signal Continued Upside
The 4-hour chart adds another layer of confidence to Helium‘s bullish outlook. Here, we see ascending price patterns forming a higher high formation, further strengthening the bullish trend. Additionally, the chart hints at an inverted head and shoulders pattern, a technical indicator often associated with a bullish breakout.
The bullish sentiment is further reinforced by the MACD (Moving Average Convergence Divergence) indicator. The MACD and signal lines are poised to resume their upward trajectory, signaling a continuation of the bullish trend.
The daily Relative Strength Index (RSI) for HNT has surged into the overbought zone, exceeding the 70% threshold. While this could indicate a potential slowdown, a sideways movement near the 70% mark could prolong the bull run and allow for further price appreciation.
The Super Trend indicator provides another bullish confirmation. Currently, the HNT price sits well above the green line at $4.895, signifying a robust bullish trend. As long as Helium remains above this level, the indicator suggests the bull run is likely to continue.
Also Read: How Helium’s Migration to Solana Blockchain is Revolutionizing IoT Applications
Finally, the Pivot Point analysis reveals critical resistance levels that HNT needs to overcome. The current price sits near the first resistance level of $7.520. A bullish breakout could see HNT challenge the second resistance at $8.925 and eventually reach the third resistance level of $10.95.
Helium’s impressive post-crash recovery has positioned it as a standout performer in the cryptocurrency market. With strong technical indicators pointing towards a continued bull run, the $10 target seems increasingly attainable. However, investors should remain cautious and conduct their own research before making any investment decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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