Helium’s HNT continues to make holders happy during these slow market cconditions.
When we look at the last 7 days data, we can see that the HNT price is the only altcoin among top100 crypos per market cap that had a double-digit pump. In fact, Helium’s token pumped 16% and is now trading around $7.6.
I analyzed HNT/USD chart, looks like the price is gearing up to break crucial $10 level.
Technical Analysis: Gearing Up for the $10 Milestone
The token had been trading within a descending channel until this summer. For those unfamiliar, this is a bearish pattern, and had been in place since February 2024. However, in late July 2024, HNT managed to break out of this channel. Breaking out of the bearish pattern is a bullish sign, isn’t it? Yes, that’s right.
Following the breakout, the price has rallied over 100%. The chart indicates a potential target of approximately $10, representing a 31.19% gain from the current price. This target is derived by applying the height of the descending channel to the breakout point, a common method for setting post-breakout price objectives.
The rally is still in progress, so it’s important to monitor key support zones. The $6.50 to $7.00 range, corresponding to recent lows prior to the surge, provides a crucial support level. Additionally, the 200-day moving average (MA), currently around $5.50, serves as a second significant long-term support.
The price’s position well above the 200-day MA is a positive sign, and this means that the overall trend is bullish. Furthermore, the Relative Strength Index (RSI) is at 61, indicating that the token is in bullish territory but not yet overbought, hinting at the potential for further upside.
The Moving Average Convergence Divergence (MACD) line has crossed above the MACD signal line, forming a bullish crossover and signaling that the upward momentum remains strong.
The next important target level is around the $10 mark, which appears achievable if the bullish momentum persists. The token’s resilience and positive technical signals amid the broader market slowdown suggest that the this target could be within reach in the near future, particularly if the overall cryptocurrency market helps along the way.
Read also: Cardano’s Chang Hard Fork: How On-Chain Governance Could Trigger a Major ADA Price Upswing
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