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.
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.
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.
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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