NewsletterHelium Price Analysis: Upcoming Bullish Pattern May Pump HNT By 85%
The Helium(HNT) price forming cup and handle pattern shows a recovery opportunity for coin holders. The altcoin currently retests a flipped support of $8.44, which could replenish the bullish momentum $12.5 breakout. A successful breakout should trigger the bullish pattern with its target expected at $16.6.
Key points:
- The cup and handle pattern may drive the HNT price above the $12.5 mark
- The $78.44 fallout would invalidate the bullish plan
- The intraday trading volume in the Helium coin is $797.5 Million, indicating a 53.5% gain.
Source- Tradingview
An unwavering downfall initiated in April plunged the HNT/USDT pair to a low of $6.59. Furthermore, the altcoin retested this level twice since last month., validating it as legitimate support.
On May 28th, the second bounce back from the $6.59 mark bolstered buyers to breach the $8.44 immediate resistance and surged 90% higher to the $12.5 mark. However, the supply pressure from above triggered a minor pullback and tumbled the HNT price by 28.8%.
The U-shaped recovery with a minor pullback indicates the formation of a cup and handle pattern. Furthermore, the falling price retested the flipped support of $8.44, and the long-tail rejection attached to today’s daily candle indicates the buyers’ attempt to defend this level.
A possible reversal from this support would encourage the HNT price to rechallenge the $12.5 resistance. If buyers breach this overhead resistance, the altcoin could pump 85% higher to the $16.6 level.
Conversely, the $8.44 fallout may slump the coin price back to the $6.6 mark.
Technical indicator
Along with the $8.44 breakout, the HNT price breached the midline of the Bollinger band indicator, giving an extra edge to long traders. However, the altcoin moving between the indicator’s upper and midline suggest a possible witch in the trader’s sentiment.
A sharp drop in ADX value(28) accentuates losing bearish momentum.
- Resistance levels- $12 and $16.7
- Support levels are $8.5 and $6.5
- Upbit Hack: $38M in Solana Ecosystem Crypto Assets, TRUMP, BONK, JUP Drained
- Breaking: Ripple’s RLUSD Approved for Use Across Abu Dhabi’s Global Markets
- Pumpfun Accused of Token Dumping Amid Massive USDC Transfers to Kraken
- XRP and BCH Price Prediction by Veteran Trader Peter Brandt
- Is Tether’s Stability at Risk? S&P Downgrades USDT Amid BTC Exposure Concerns
- MON Price Prediction: Why Monad Could Be Heading Toward $0.10
- Will Hype Price Hit $50 as Whales Buy Ahead of the $314M Unlock?
- Is Bitcoin Price at Risk of Crash as Treasury Companies Plan Fire Sale?
- Binance Coin Price Prediction as VanEck Files Spot BNB ETF — Is $1,000 Next?
- Dogecoin Price Prediction: Will NYSE ETF Push DOGE to $0.30?
- Pi Coin Price Surges Above $0.25 Ahead of Major November 28 Announcement
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
