Current Trend: HNT price exhibits a bullish trend, currently undergoing a retest at the $6.62 level.
Technical Formation: A morning star pattern at the 61.80% Fibonacci retracement level ($6.62) indicates a potential bullish reversal for Helium.
Bullish Momentum: Strong reversal signals suggest that HNT could refuel its bull run, eyeing a breakout above $10.
Market Context: HNT's resilience amidst a bearish trend in altcoins highlights strong buyer support.
Recent Performance: After failing to breach $10, HNT price experienced a sharp decline but showed lower volume during the pullback, hinting at a temporary setback.
Current Position: HNT trades at $7.275, gaining 9.65% intraday, and forms a bullish engulfing candle, indicating a resurgence of buying interest.
Fibonacci Levels: Trend-based Fibonacci analysis suggests the HNT price might target $10.45, a potential 40% increase.
Technical Indicators:
RSI: Indicates a positive shift, moving towards the overbought zone without divergence, signaling strong upward momentum.
MACD: Prepares for a bullish crossover, reducing bearish histogram intensity, hinting at an upcoming trend reversal.
Potential Rally: If HNT sustains its current momentum, it could initiate a 43% rally to challenge the significant resistance level at $10.43.
Downside Risks: Failure to maintain bullish momentum might lead to retesting the support at $6.62
Technical Formation: A morning star pattern at the 61.80% Fibonacci retracement level ($6.62) indicates a potential bullish reversal for Helium.
Bullish Momentum: Strong reversal signals suggest that HNT could refuel its bull run, eyeing a breakout above $10.
Market Context: HNT's resilience amidst a bearish trend in altcoins highlights strong buyer support.
Recent Performance: After failing to breach $10, HNT price experienced a sharp decline but showed lower volume during the pullback, hinting at a temporary setback.
Current Position: HNT trades at $7.275, gaining 9.65% intraday, and forms a bullish engulfing candle, indicating a resurgence of buying interest.
Fibonacci Levels: Trend-based Fibonacci analysis suggests the HNT price might target $10.45, a potential 40% increase.
Technical Indicators:
RSI: Indicates a positive shift, moving towards the overbought zone without divergence, signaling strong upward momentum.
MACD: Prepares for a bullish crossover, reducing bearish histogram intensity, hinting at an upcoming trend reversal.
Potential Rally: If HNT sustains its current momentum, it could initiate a 43% rally to challenge the significant resistance level at $10.43.
Downside Risks: Failure to maintain bullish momentum might lead to retesting the support at $6.62