The post HNT Price Eyes $10 as 20% Weekly Gains Tease $7.78 Breakout appeared on BitcoinEthereumNews.com.

As the broader market recovers, Helium’s HNT token price is making a bullish comeback with a quick V-shaped reversal crossing above the $6.50 mark. With the weekly sprint of ~20% surge, Helium prepares for a breakout rally to create a new 52-week high.  Will the uptrend result in a price jump above the $10 psychological mark? Let’s find out.  HNT Price Analysis In the daily chart, the bullish comeback from the 50% Fibonacci level coinciding with the 200-day SMA line results in a V-shaped reversal. As it bounces back from the $5.52 support, it exceeds the 61.80% Fibonacci level at $6.365.  TradingView The recovery run, creating 4 out of 5 bullish candles, accounts for a 20% rise and challenges the 50-day SMA line. Currently, it is trading at $6.66, with an intraday rise of 7.36%.  While the reversal rally is yet to overcome the lower-high formation trend, the recovery run teases a breakout rally ahead. With a price jump above the $7.78 or the 78.60% Fibonacci level will mark a change of character in the HNT price trend.  This will increase the upside chances for HNT price and could potentially result in a new 52-week high formation.  The pullback to the 50% Fibonacci level of $5.52 comes as a retest of the breakout. Currently, the bullish engulfing candle, exceeding the 61.80% Fibonacci level, reflects the ongoing post-retest reversal rally.  Technical Indicators: SMA: As the HNT price consolidates between the 50-day and 200-day SMA line, the breakout of the upper resistance is likely to increase the trend momentum.  MACD: Furthermore, with the increased buying pressure, the MACD and signal lines are on the verge of a bullish crossover.  Helium Price Targets Considering the bullish trend continues, the price targets based on the Fibonacci retrenchment tool are at $10.05, or the highest…

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Filed under: News - @ November 9, 2024 7:15 am