Helium (HNT) Recovers With Double-digit Gain, Can Bulls Push to $12?

Despite a strong bullish run in recent months, Helium (HNT) was unable to hold its ground against tether (USDT), with the price falling from an all-time high of $50 to around $5. The recent price increase in Bitcoin (BTC) has had a positive impact on the overall market, as most altcoins continue to show strength, producing more than 100% gains, with Helium (HNT) price also in the picture due to its impressive recovery. (Data from Binance) Related Reading: ApeCoin Breaks Out With Degen Play Activated, Can $7.5 Be The Target? Helium (HNT) Price Analysis On The Weekly Chart  The price of HNT has struggled to replicate its recent bullish move, which saw the price rally to $50 with a strong bullish sentiment. After falling from a high of $50 to a low of $4, HNT has struggled to stay afloat. HNT has formed strong support at $4, which appears to be a good area for most traders to place buy orders. HNT’s price could end the week on a more bullish note ahead of a new weekly candle. With such strong sentiment, HNT could reach a high of $8 and possibly $12. The price of HNT is facing resistance at $6.5 as it cannot trend higher in price; if HNT flips this region, we could see the price rising to $8-$10 and even higher. Weekly resistance for the price of HNT – $6.5. Weekly support for the price of HNT – $4.5. Price Analysis Of HNT On The Daily (1D) Chart The price of HNT was rejected from $25 as it fell to a low of $4; the price of HNT bounced from this after forming support to withstand sell orders. HNT rose from a low of $4 to $5.7 before hitting resistance in its attempt to break above $6.5. HNT is trading at $5.7 on the daily timeframe, attempting to break and hold above the 50 Exponential Moving Averages (EMA). The $7 price corresponds to the 50 EMA, which acts as a price barrier for HNT. HNT must break above $7, which serves as resistance for the price of HNT. If HNT breaks and closes above this level, the price could rise to $10-$12. Daily resistance for the HNT price – $7. Daily support for the HNT price – $4.5. HNT Price Analysis On The Four-Hourly (4H) Chart After breaking out of its long downtrend, HNT’s price in the 4H timeframe remains bullish. HNT is trading above the 50 but below the 200 EMAs; a break and hold above the 200 EMA to form support would indicate bullish price action for HNT. Prices at the 50 and 200 EMAs are $4.7 and $6.2, respectively. On the 4H chart, the Relative Strength Index (RSI) for HNT is above 70, indicating high buy order volume. Four-Hourly resistance for the HNT price – $6.2. Four-Hourly support for the HNT price – $4.7. Related Reading: Bitcoin Profitability Jumps As Price Adds $1,500 In 24 Hours Featured Image From Currency, Charts From

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Author: toutiao