HNT Price Targets $10 with 17% Jump Ahead

Altcoins Alt Coins

Experiencing a sudden 17% surge overnight, the HNT price breaks away from a prolonged support trendline. Based on trend-oriented Fibonacci levels, the HNT price is poised to potentially reach the $10 milestone.

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After a decline from the peak of $9.60, the HNT price reveals significant buying activity at lower levels. The bullish reversal indicates a potential double bottom pattern, supported by the dynamic 50-day EMA. With favorable conditions for a bullish resurgence, the question remains: Can the HNT price reach the $10 mark?


Helium Price Surge and Recovery Indicators

Amidst a pause in GBTC outflows signaling market recovery, altcoins are poised for a resurgence, with Helium price gearing up for a potential upswing. The intraday trading volume surges to 676K, resulting in a substantial 17% increase and the formation of a bullish engulfing candle. Helium maintains a higher low formation, demonstrating dominance above the 50-day EMA.

Source – Tradingview

The recent bounce-back aligns with a double-bottom pattern, hinting at the potential for a bullish run. With a neckline set at $7.50, a breakout from this pattern could extend the recovery rally towards the psychological $10 mark.

At present, HNT price trades at $6.990, taking a brief pause following the notable jump. Additionally, Helium forms a morning star pattern at a critical support and high-demand level, further enhancing the likelihood of a bullish comeback.

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Examining the RSI indicator, the daily RSI line exhibits a sharp spike crossing above the halfway mark before leveling into a sideways shift. Despite this, the sudden surge in trend momentum supports the overall recovery outlook for Helium.

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HNT Price Analysis and Potential Bullish Signals

Examining the 1D chart, the HNT price exhibits a significant bullish engulfing candle and suggests the formation of a potential double bottom pattern. The current market recovery sets the stage for a potential surge in Helium, potentially reaching a new 52-week high if the momentum remains robust.

For sideline traders, a breakout above $7.50 is considered a decisive signal for an upcoming bull run, potentially testing the $10 peak. An optimistic scenario envisions a breakout beyond $10 leading to an extended uptrend for the altcoin.

Conversely, in the event of a reversal, a retest of the 50-day EMA becomes a plausible scenario. Monitoring these key levels will be crucial in gauging the future trajectory of HNT price movements.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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