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The Helium(HNT) price has been wobbling between the $12 and $6.65 mark for around five weeks. Furthermore, this consolidation has shaped into a cup and handle pattern with its neckline at $12. A successful breakout would lead the recovery rally to the $16.7 mark.
Key points:
- The HNT price has gained 54% in the past five days
- The coin buyers struggle to break the $12 neckline of the cup and handle pattern
- The intraday trading volume in the Helium coin is $31.7 Million, indicating a 21.5% loss.
Source- tradingview
The April-May crash plunged the HNT/USDT pair to a new 2022 low of $6.64. Furthermore, the interested buyers entering at discounted prices drove the price 75.5% higher to test the immediate resistance of $12.
However, amid the last week’s sell-off, the HNT price showcased a minor pullback before rechallenging the overhead resistance($12). Furthermore, this whole consolidation reflects the formation of a Cup and handle pattern, indicating a genuine recovery opportunity.
If the HNT price breaks and sustains above the $12 neckline, the buyers would drive the altcoin to its first target of 38% higher to $16.7.
On a contrary note, if the HNT price failed to surpass the $12 resistance, the consolidation rally would carry on for more sessions.
Technical indicator
RSI: While the price action walks a lateral path, the daily-RSI slope rallies higher, indicating the growth in buying momentum. This bullish divergence encourages buyers for an upside breakout from the pattern’s neckline.
Bollinger band indicator: For the past two months, the HNT price resonated between the midline and lower band of the Bollinger band indicator. Now with the recent price jump, the coin price has breached the midline and has entered the bullish zone, indicating the buyers are wresting control from bears.
- Resistance levels- $12 and $16.7
- Support levels are $6.64 and $5
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