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Helium has registered a 70% surge with a double bottom reversal surpassing $5, as buyers are looking to extend the uptrend to $10.
With the Bitcoin price holding above the $67K mark, the altcoins are picking up pace. Amid the top performers, Helium continues the bull run from last week with a 4.42% surge on Monday.
As the Helium upsurge triggers a reclaim of the psychological level at $5, the buyers anticipate an uptrend continuation. Will the bull run reach the next psychological mark of $10 for a 100% surge?
Trend Reversal for Helium Surpasses All the EMAs
Turning around from the recent 68% correction in Q2 2024, Helium finds a solid support range at the $2.85 level. Despite cracking under the $3 level, the price action reveals a double-bottom reversal with the baseline at $2.85.
The bullish reversal surpasses all the crucial daily EMAs (20,50,100,200) and accounts for a 75% surge in the last 16 days. Currently, the HNT token trades at $5.155 with an intraday rise of 0.53% and a streak of bullish candles.
The trend reversal signals a rounding bottom reversal in the HNT token with a neckline at $6.148. Further, the neckline coincides with the 38.20% trend-based Fibonacci level.
With the surge in Helium’s price, the 20D EMA gives a bullish crossover with the 50D EMA. Further, the MACD and signal lines maintain a bullish trend, crossing into the positive territory with a streak of positive histograms.
Will HNT Surge 100% in 2024?
As per the trend-based Fibonacci levels, the bullish reversal in Helium has surpassed the 23.60% Fib level. Further, with the rounding bottom reversal approaching the neckline at the 38.20% level ($6.148), the breakout rally increases the uptrend momentum.
Based on the retracement levels, Helium could reach the $11.462 mark, surpassing the $10 psychological level.
Helium Mobile Subscribers Hit 100,000
This bullish uptrend could be bolstered by ecosystem developments around Helium. For one, the number of Helium Mobile subscribers recently exceeded 100,000. Further, the Helium Mobile data shows an increase of 2,744 users in the last 7 days.