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Helium Price Shot up 67%; What Triggered the Rally in HNT?

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Helium Price Shot up 67%; What Triggered the Rally in HNT?
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Helium price prediction suggests that HNT is entering a bull run and more swing highs are possible. 

HNT price displayed a massive breakout and rose 67% in the last trading session. It formed a giant bullish candle and succeeded in taking control over the $4.000 supply zone. 

The sudden rise in HNT crypto price has triggered positive sentiment and rewarded the investors who bought it at lower levels. At the same time, the trading volume also surged and price also followed the same direction. It shows the participation of genuine investors in the rally. 

The EMAs also displayed a golden crossover which boosted the confidence of the long-term investors. Moreover, the price had gone far away from both the 50-day and 200-day EMA so it looks mildly overstretched. 

The short-term investors may begin to book their profits which might show minor retracement toward the EMA. 

Currently, HNT price is trading at $5.4247 with an uptick of 7.13%. In the last 24 hours, the trading volume increased by 98%, and the volume to market cap is recorded at 5.81%.

Is the Recent Upmove in Helium Price Reliable?

Helium Price Shot up 67%; What Triggered the Rally in HNT?
Source: HNT/USDT daily chart by Tradingview

Helium price is in an uptrend and the dominance of buyers is visible in the chart. It hit a fresh YTD high and the positive momentum is still intact. 

The price action says buyers are active in the range between $4.00 to $5.00. So, any minor retracement toward the demand zone will have a high probability of getting a bounce. 

The recent upmove in HNT price looks powerful and reliable because it is supported by a massive buying volume. Therefore, the price is likely to sustain a higher level in the coming weeks and try to achieve the $6.00 mark.

Fresh Breakout in HNT Price May Shift the Demand Zone

Presently, the HNT price is attempting to break the $6.00 hurdle to hit a new swing high. If the buyer succeeds, then the demand zone will shift higher from $5.00 to $6.00. Furthermore, the fresh breakout may also trigger the next phase of the rally. 

Helium price has gained momentum after 16 months of long consolidation and has displayed the biggest one-day surge in 2023. It shows the presence of buyers. So, it’s better to grab the opportunity and participate in the upcoming bull run. 

Conclusion

Helium price prediction is highly bullish for 2024 and suggests more upside is pending. The recent upmove is quite surprising but supported by high buying volume indicating big players have turned bullish. 

The analysis suggests bulls will continue to dominate in the coming months and the price may go beyond $6.00. 

Technical Levels
  • Resistance levels: $6.1040 and $7.0269
  • Support levels: $4.0000 and $3.2033
Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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