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Helium Breaks Falling Channel: Can HNT Rally Surpass $10?

Helium Breaks Falling Channel: Can HNT Rally Surpass $10?

CryptoNewsNetCryptoNewsNet2024/12/02 15:11
By:thecryptobasic.com

Will the Helium (HNT) token’s breakout from the falling channel rally surpass key Fibonacci levels, leading to a crossover above $10?

Despite a surge in supply pressure as Bitcoin approaches the $95,000 support level, the altcoin segment continues to see strong performers. Helium is one of the top-performing cryptocurrencies, with its native token, HNT, increasing by 33.55% last week to reach a market price of $8.52.

The HNT market capitalization is on the verge of surpassing $1.5 billion. Will the recovery rally in the HNT price push it beyond the psychological $10 mark in such a volatile market? Let’s explore further.

HNT Price Run Surpass $8

On the daily chart, Helium’s price action shows three consecutive bullish candles, with the rally beginning on Saturday, November 30. The price action registered a breakout from a falling channel pattern.

Further, the breakout rally extended to a 24-hour high of $9.377. HNT price is currently trading at $8.484, reflecting an intraday gain of 5.01%.


Helium Price Chart

With a triple white soldier pattern (three consecutive bullish candles), Helium is challenging the 78.60% Fibonacci level. A bullish close above this level within 24 hours would confirm a new breakout rally.

This resistance level had caused a failure in the bullish trend in September, triggering the falling channel pattern. Therefore, a breakout above this crucial resistance level could lead to a new 52-week high, potentially surpassing $11.16.

The MACD and signal lines are in positive alignment, with an increase in positive histograms supporting the bullish trend. Additionally, the 50-day and 100-day EMAs are showing a bullish crossover, signaling the potential for an extended rally.

Increased Helium Data Credits Burning Fuels the HNT Bull Run

In a recent X post, James Fayal, the founder of Zest, shared statistics supporting the bullish rally in HNT tokens. James posted data on Helium’s network activity, showing a significant rise in Helium data credits burned for network usage.

The statistics revealed a massive spike of over 10,000 Helium data credits burned for two consecutive days, signaling rising network usage and boosting market demand for HNT tokens. Furthermore, this has a deflationary impact on the circulating supply and increases positive sentiment due to broader adoption.

In case anyone is wondering why @helium $HNT and $MOBILE are running today. It's just the start. #DePIN pic.twitter.com/22boe4zXPm

— James.Fayal (@JMFayal) December 1, 2024

Helium Price Targets

The trend-based Fibonacci levels suggest an immediate price target near the psychological $10 mark. A bull run beyond $10 could target the 1.272 Fibonacci level at $11.96.

On the other hand, if the rally fails to close above the 78.60% Fibonacci level, the price may retest the 61.80% Fibonacci level, currently at $7.37, reflecting a downside risk of nearly 13%.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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