Helium Price Recovery Signals Bull Run With 100K+ Mobile Subscribers

The cryptocurrency market has recorded a renewed recovery sentiment in the last two weeks. Following the Bitcoin rally above $67000, most of the major altcoins have retrieved the loss of the June correction preparing for a prolonged rally. Amid the bullish sentiment, the Helium price caught the attention of investors with a 62% growth within two weeks. Can HNT resume this recovery or is a major correction looming?

Helium Price Eyes Major Reversal Amid Wedge Pattern Breakout

The Helium price analysis in the daily chart shows a classic example of a wedge pattern reversal. Amid the May to early July correction, this altcoin projected shallow lower lows and higher lows as a weakening in bearish momentum.

Connecting those swings with two conjuring trendlines revealed the formation of a falling wedge pattern. In theory, the chart setup hints at a downtrend reaching maturity that allows buyers to retake trend control.

Under the influence of the pattern, this altcoin hit a low of $2.87 in June before reverting from the market. On July 15th, the HNT price recorded a 15% jump and breached the upper boundary of the wedge.

This recent surge in price comes on the heels of Helium Mobile Network achieving a significant milestone: surpassing 100,000 subscribers. This achievement underscores the growing confidence in and dependence on Helium’s decentralized wireless infrastructure, which is recognized for its cost-effective and scalable solutions in IoT connectivity. 

Moving forward, the network released its latest roadmap progress report on July 12, highlighting new features and services aimed at attracting more users and further strengthening the network.

The post-breakout rally has uplifted the asset 30% to trade at $5.07 while the market cap recorded at $806.47 Million.

However, the HNT price faces overhead supply at $5.23 resistance, suggesting a possible pullback before the next leap.

The $4.6 floor coinciding with 200D EMA and the $3.845 level moving along 50D EMA creates suitable correction support for dip buyers.

With sustained buying, the Helium buyers should challenge a major swing resistance of $6.1. Surpassing this barrow will pave the bull’s way for a prolonged rally.

Technical indicators:

• EMAs: The 20-day Exponential Moving Average crossover above the 50-day slope projects a potential buy signal and strengthens the buyer’s grip over this asset.
• ADX: The Average Directional Index slope surged to 27% hints a young recovery with an opportunity to extend higher.