12 Aug 2024 Jane Whitmoore
Helium (HNT) Price Almost Doubles In A Week, What Caused The Spike?
This week, the price of Helium (HNT) has increased by over 75% following a dramatic bullish reversal from the lows that HNT was subject to. The HNT bulls have gained massive momentum and managed to achieve a breakthrough.
Source: CoinMarketCap
This week, HNT was among the best performers and created bullish waves. A notable surge in demand for the Helium token has coincided with growing signs of a breakout rally. That implied the possibility of an impending uptrend continuation.
Helium was getting ready to extend the current breakout rally as buying interest in the cryptocurrency market slowly returned. It aims to hit $10 in the near future. It started to accumulate at the $3 mark and formed a double bottom at the time of writing.
In the midst of notable market volatility, the price of the Helium token broke through the $5 barrier and began a seven-day winning run. Positive closing values indicate increased buying interest.
At the time of publication, the price of the Helium token fell from its weekly high of $6.84 and accumulated around the $6 mark. On the charts, the price action showed buying momentum. HNT’s trading volume increased by more than 41% to $49.39 million, indicating growing investor confidence in HNT.
In addition, the token moved up to the 59th spot in the market cap, surpassing several other tokens like RUNE, FTM, and LDO, before settling to its current position of being the 63rd largest crypto project by market capitalization. Using a total supply of 97.70 million, analysts have predicted a huge bullish rally and given their optimistic guidance.
The HNT price formed a rounding bottom formation on the one-day chart and showed a notable recovery over the last few sessions. Furthermore, there was a falling wedge breakout during the second part of July.
This week, there was a strong accumulation along with volume participation, and the chart showed a golden crossover, which provided strong support for the impending price spike.
The subsequent buying momentum indicated that consumers appeared self-assured and eager to pursue the upward trend.
The long-term structure was bullish despite the brief price decline. Additionally, the token may maintain its positive trajectory above the $8 threshold. A four-month correction followed by a change in price action and a new upsurge in demand were observed.
A bullish crossover was observed in the Relative Strength Index (RSI) curve along with positive divergence.
Renowned analyst and strategist Javon Marks (@JavonTM) tweeted that the HNT token has recorded a bullish breakout and is prepared for a big rally in the near future.
“$HNT (Helium) has displayed a bullish breakout of the secondary setup and a massive upside looks to be in effect!
Prices, with a larger breakout holding, can be in pursuit of the $52.76 target and an additional +651% increase could be on the way!” Marks added.
Investor sentiment was bullish when the short liquidations were recorded at $17.7k and the long liquidations at $1k at the time of writing.
The resistance level at $7.80 may be reached by the Helium price if it continues to rise, and the $8.30 mark could come next.
However, in the short term, the token price may retest the $6 immediate support zone and then move on to the $5.20 mark if there is any further retracement.
token cryptocurrency news crypto news Crypto Price Helium
