Helium (HNT) has been in a downtrend for the past several months, trading in a descending channel pattern. However, the price recently broke out above the upper boundary of this channel, which could signal a trend reversal to the upside.
According to analysis from altFINS, this breakout above the channel presents a bullish trade setup, with upside potential for Helium to rally towards the psychological resistance level of $2.00. The breakout above the channel marks a decisive move outside of the prevailing downtrend.
Prior to the breakout, momentum was mixed – MACD was bullish but RSI was still below 45, reflecting the recent downtrend. Now that Helium has broken out above the channel, momentum may begin to turn more definitively bullish.
The declining MACD Histogram bars indicate weakening momentum for Helium’s price.
Source: altFINS – Start using it today
The nearest support zone sits around $1.15, while resistance is expected at $1.50 (the previous support level), $2.00, and $2.30. More conservative traders may wish to wait for a confirmation of the breakout above $1.50 before entering bullish positions.
Overall, Helium’s technical picture has improved with this bullish breakout. However, traders should be cautious, as trend reversal setups carry more risk than trading in the direction of the prevailing trend. The key levels to watch ahead are $1.50 to confirm the breakout, then $2.00 as the initial upside target if the rally continues.
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