The altcoins are on a slippery slope, with the Bitcoin price hanging near the $56K mark. However, the Helium (HNT) price action reveals a bullish trend in motion as it ignores the broader market’s bearish noise.
With a breakout rally at play, will the HNT price reach the $10 psychological mark? This analysis is here to answer all such queries!
HNT Price Breaks The $8 Mark
The HNT price action reveals a massive recovery rally in motion in the daily time frame. The recent day-ongoing recovery run with higher-higher, higher-low formation accounts for a price jump of 173% within the last 60 days.
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Based on the Fibonacci level on the previous correction during the second quarter, the HNT price surpasses the 78.60% Fibonacci level at $7.68. With two consecutive bullish candles, the altcoin has surged 20% to hit the 8-point to reclaim the $8 mark.
However, the intraday pullback of 0.88% reveals bullish exhaustion and teases a potential retest of the breakout rally. With an intraday doji candle, the retest reversal can form an evening star pattern to test the support trendline in motion for a successful post-retest bounce.
Technical Indicators:
EMA: With the breakout rally at play, the 50-day and 200-day EMA maintain a bullish alignment.
RSI: The daily RSI line shows a bullish trend above the halfway line.
Helium Network On The Rise
As the Helium network grows, the demand for the HNT token also increases. A simple evidence of the HNT network growth is the surge in network usage over the past 30 days.
As of the current data, the estimated daily total is $3859, in which the IoT usage accounts for $52, the mobile usage accounts for $2034, and the USD per hour is $160. Compared to the recent dip of 1778 daily total on the 12th of August, the Helium network usage has significantly increased.
Furthermore, the current epoch is approaching the 20,000 mark at 19,972. With the next halving in 328 days, the HNT supply is 169.48 million.
Helium Price Targets
The trend in HNT price gains momentum with the increasing demand and the rising anticipation of a bullish market amid rate cut chances. Hence, the higher high formation in the HNT price will likely continue this month.
On the bullish end, the Fibonacci level puts two bullish targets at the $10 psychological mark and the 1.272 Fibonacci level at $14.14. On the flip side, if the support trendline breaks amid a broader market correction, the support levels are at $7.50 and $7.
Concerned about how the HNT price will conclude in the year 2024? Our Helium (HNT) Price Prediction reveals this and more!
