Altcoins are on a slippery slope, with Bitcoin hovering around the $56k mark. However, Helium (HNT) price action shows a bullish trend in motion as it ignores the broader bearish market noise.
With a breakout rally in play, will HNT price reach the psychological $10 mark? This analysis is here to answer all such questions!
HNT Price Exceeds $8 Mark
HNT price action shows a massive recovery rally in the daily time frame. The recent daily recovery run with a higher-higher, higher-lower formation explains the 173% price surge in the last 60 days.
Based on the Fibonacci level of the previous correction in Q2, the HNT price is above the 78.60% Fibonacci level at $7.68. With two consecutive bullish candles, the altcoin has gained 20%, reaching 8 pips to reclaim the $8 mark.
However, the intraday 0.88% pullback shows bullish exhaustion and teases a potential retest of the breakout rally. With the intraday doji candle, a reversal could form an evening star pattern to test the trend support line in motion for a successful bounce after the retest.
Technical indicators:
EMA: Amid breakout rally, 50-day and 200-day EMA remain bullish.
RSI: The daily RSI line shows a bullish trend above the middle line.
Helium Network on the Rise
As the Helium network grows, so does the demand for the HNT token. A simple indication of the growth of the HNT network is the surge in network usage over the past 30 days.
As of Current dataThe estimated daily amount is $3,859, of which IoT usage accounts for $52, mobile usage accounts for $2,034, and the hourly cost is $160. Compared to the recent drop in daily amount of 1,778 on August 12, Helium network usage has increased significantly.
Moreover, the current epoch is approaching the 20,000 mark at 19,972. With the next halving in 328 days, the HNT supply will be 169.48 million.
Helium target prices
The trend in HNT price is gaining momentum with rising demand and growing bull market expectations amid rate cut chances. Hence, higher high formation in HNT price is likely to continue this month.
On the bullish end, the Fibonacci level sets two bullish targets at the psychological $10 mark and the 1.272 Fibonacci level at $14.14. On the other hand, if the trend support line breaks amid a broader market correction, support levels will be at $7.50 and $7.
Worried about how the HNT price will change in 2024? Our Helium (HNT) Price Forecast reveals this and much more!