thecryptobasic.com
The Helium trend reversal hit 112% within 10 days from the $3.470 low formation during the market crash last Monday. Will the increasing momentum in HNT’s recovery result in a 38% hike?
Helium’s high-speed recovery run, mostly unaffected by the broader market crash, continues to head toward the $10 milestone. The unstoppable bull run turned the year-to-date return in Helium positive to 5.22%.
With a boost in trading volume and a market crap approach $1.2 billion, the altcoin is likely to become one of the best performing Solana-based altcoins.
Helium’s Uptrend Exceeds $7.50
On the daily chart, Helium shows a rounding bottom reversal rally moving at breakneck speed. The ongoing rally accounts for a price jump of 112% from the $3.46 low formation last Monday.
Currently, Helium trades at $7.34, with a 12% gain in the last 24 hours. However, the daily candle shows a pullback of 0.97% with a long tail revealing massive demand underneath.
Based on the Fibonacci retracement over the correction phase, multiple high volume levels between $3 and $9.88 arise. The ongoing recovery run surpasses the 61.80% Fibonacci level at $6.336, following the critical 50% level breakout at $5.528.
Essentially, the daily chart expresses a massive bullish influence over the Helium price trend. This increases the possibility of HNT’s price hitting the $10 psychological milestone.
Underlying Bullish Growth Seems Unstoppable
In the 4-hour chart, the ascending prices of Helium show a higher high formation, leading to the generation of a resistance trendline. However, the underlying surge in bullishness forms a bullish trend continuation using the trendline as a neckline.
As visible in the chart above, Helium forms an inverted head and shoulder pattern. Currently, the altcoin trades near the neckline, teasing a bullish break. Furthermore, the MACD and signal lines are restarting a bullish trend.
Will Helium’s Bull Run Hit $10?
The daily RSI line spikes into the overbought zone, surpassing the 70% boundary line as Helium skyrockets. However, a sideways shift near the 70% line could prolong the bull run.
Furthermore, the super trend indicator shows a strong rally in action as the HNT price is quite high from the green line at $4.895. Hence, the indicator signals the bull run to be intact as long as Helium is above $4.895.
Coming back to the Fibonacci levels, the bull run is heading to challenge the 78.60% Fib level at $7.783. A bullish breakout rally will increase the chances of hitting the $10 psychological mark.
Based on the Pivot point standards, the neckline coincides with the first resistance pivot level at $7.520. A bullish breakout could reach to the third pivot resistance level at $10.95 after facing minor hurdle at the second pivot resistance at $8.925.