As the broader market recovers, Helium’s HNT token price is making a bullish comeback with a quick V-shaped reversal crossing above the $6.50 mark. With the weekly sprint of ~20% surge, Helium prepares for a breakout rally to create a new 52-week high.
Will the uptrend result in a price jump above the $10 psychological mark? Let’s find out.
In the daily chart, the bullish comeback from the 50% Fibonacci level coinciding with the 200-day SMA line results in a V-shaped reversal. As it bounces back from the $5.52 support, it exceeds the 61.80% Fibonacci level at $6.365.
The recovery run, creating 4 out of 5 bullish candles, accounts for a 20% rise and challenges the 50-day SMA line. Currently, it is trading at $6.66, with an intraday rise of 7.36%.
While the reversal rally is yet to overcome the lower-high formation trend, the recovery run teases a breakout rally ahead. With a price jump above the $7.78 or the 78.60% Fibonacci level will mark a change of character in the HNT price trend.
This will increase the upside chances for HNT price and could potentially result in a new 52-week high formation.
The pullback to the 50% Fibonacci level of $5.52 comes as a retest of the breakout. Currently, the bullish engulfing candle, exceeding the 61.80% Fibonacci level, reflects the ongoing post-retest reversal rally.
SMA: As the HNT price consolidates between the 50-day and 200-day SMA line, the breakout of the upper resistance is likely to increase the trend momentum.
MACD: Furthermore, with the increased buying pressure, the MACD and signal lines are on the verge of a bullish crossover.
Considering the bullish trend continues, the price targets based on the Fibonacci retrenchment tool are at $10.05, or the highest 52-week closing price, followed by $13.91 and $21.
On the flip side, the crucial supports for Helium are present at $6.36 and the psychological mark of $6.
Concerned about how the HNT price will conclude in the year 2024? Our Helium (HNT) Price Prediction reveals this and more!
HNT is trading at $6.66 with a 7.36% intraday rise.
HNT targets $10.05, with potential highs of $13.91 and $21 if the breakout sustains.
Key supports lie at $6.36 and the psychological $6 mark.
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