Helium Price Aims $10 High As Market Optimism Grows for Spot Bitcoin ETF

The cryptocurrency market is back on recovery sentiment as the procedure of spot Bitcoin ETFs is progressing steadily. On Tuesday, BlackRock, VanEck, Ark Invest, and other applicants filed revised S-1 forms with the U.S. Securities and Exchange Commission (SEC), seeking approval for their respective spot bitcoin exchange-traded funds (ETFs).

Amid the positive sentiment, the Helium Price stands out as the highest gainer in the top 10 cryptocurrencies today, projecting the end of its correction. 

Will Helium Price Regain $10?

• The HNT price will prolong its recovery trendline until the ascending trendline is intact.
• A recent bounce from the support trendline could push the coin price to the $9.6 mark.
• The intraday trading volume in Helium is $42 Million, indicating a 117% gain.

The native token of Helium Network- HNT entered a new correction phase in the third week of December after peaking at $9.62. This retracement tumbled the coin market value by 50.6%, descending to a low of $4.75.

This correction tumbled nearly 50% of the gain the HNT holders acquired during the November-December rally, reflecting some signs of weakness among buyers. However, as an ascending trendline, providing dynamic support to this asset during the market correction project the recovery trendline is intact.

With the increasing optimism around spot Bitcoin ETF, the helium coin price rebounded from the emerging trendline on January 8th. In the last 48 hours, the bullish reversal records a 30% gain to currently trade at $6.19.

If HNT manages to close a daily candle above the 38.2% Fibonacci retracement level, situated at $6.5, it could provide additional momentum for the recovery process. The recent surge in buying activity post-correction has the potential to further elevate the HNT price by another 55%, potentially challenging its previous high of $9.6, followed by $10.6.

Losing this Support Could Push $HNT to $4

While the current market sentiment and a bullish reversal from crucial support marks a positive outlook for the Helium coin, the daily candle projecting long wick rejecting warns of an alternate possibility. This rejection indicates the market participant witnessed intense supply pressure at the $6.5 mark, preventing the coin from a higher rally. In this case, if the HNT price fails to sustain above $6.5, the sellers may make another attempt to break the lower trendline.

This breakdown will prolong a correction trend to $4, followed by the $3.17 mark.

• Exponential Moving Average (EMA): The Helium price bounces from the 20-day EMA with a successful retest.
• Moving Average Convergence Divergence: A potential bearish crossover between the MACD(blue) and signal(orange) lines could accelerate selling pressure.

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