HNT Price Explosive Rally Crosses $8, Will Bulls Break $10?
The post HNT Price Explosive Rally Crosses $8, Will Bulls Break $10? appeared first on Coinpedia Fintech News
Defying broader market sentiment, the 57th largest cryptocurrency, Helium, has shown remarkable recovery, registering as one of the highest gainers of December. The HNT price bounced from the last swing low of $4, the Helium price has surged 112% to reach the current trading price of $8.43.
Amid this rally, the coin has breached a crucial resistance of $3.8, which signals the end of a year-long accumulation phase. The post-breakout rally was backed by increasing volume and high momentum, reflecting a bullish outlook in HNT price prediction.
Source – Tradingview
The Helium coin price entered recovery in November when the price rebounded from the $4.2 mark. This reversal influence with the revival of the Solana market value showcased a massive rally of 553% to reach a high of $9.
In addition, Helium’s latest launch of an affordable $20/month nationwide phone plan, providing an unrestricted and cost-effective mobile experience, has significantly boosted its momentum.
Amid this rally, the coin price has pierced some crucial barriers, such as $3.8, $5.7, and most recently, $8.2, following suitable stepping stones for buyers to lead sustainable growth.
Source: Tradingview
In the 4H chart, the exponential growth in the HNT price makes multiple bullish candles consecutively. As per the recent pullback prior to the bull run and the trend-based Fibonacci levels, the uptrend can reach the $10 mark.
Technical indicators:
RSI: The daily RSI slope above 80% reflects an aggressive buying momentum among traders.
Will HNT Price Surpass $10 Milestone?
A look at the weekly time frame chart shows the ongoing recovery in HNT price develops into a rounding bottom pattern. This chart pattern, commonly spotted at the the bottom of the market, signals an early sign of trend reversal and increased accumulation from buyers.
Thus, a recent breakout of $8.2 resistance bolsters the development of this pattern. If the coin price provides a closing above the breached barrier, the buyers can drive a rally of 27.5% to meet the next significant resistance of $10.6.
On a contrary note, the long tail rejecting candles around the $8.2 support zone reflects profit booking from short-term traders, which could trigger a minor pullback.
Filed under: Bitcoin - @ December 16, 2023 11:18 am