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Helium Price Analysis: Upcoming Bullish Pattern May Pump HNT By 85%

Helium And Fantom Gain Upto 13% - Crucial Price Levels On Target Next!

Published June 12, 2022

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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.

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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.

HNT/USDT ChartSource- 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.

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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

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From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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