thecoinrepublic.com
Helium (HNT) price has registered a sharp bullish reversal from the bottom and surged over 75% this week. The buyers have gained traction and succeeded in recording a breakout.
HNT was making bullish waves and ranking among the top performers this week. With the growing signals of a breakout rally, the Helium token has displayed a sharp demand resurgence. That suggested a potential uptrend continuation ahead.
With buying interest returning gradually in the crypto market, Helium was preparing to extend the ongoing breakout rally. It strives to reach the $10 mark shortly. When writing, it formed a double bottom around the $3 mark and accumulated from there.
Amidst the significant volatility in the market, the Helium token price crossed the $5 mark and registered a seven-day winning streak. It closed on a positive note, signifying the heightened buying interest.
The Helium (HNT) Token Price at Press Time
The Helium token price traded at $6.84 with an intraday surge of 14.30% at press time. It reflected buying momentum on the charts. Its trading volume rose over 41% to $49.39 Million, conveying the rising investor optimism for HNT.
Moreover, the token crossed the LDO, FTM, RUNE, and many more tokens and jumped to the 59th position in terms of the market cap. With a total supply of 97.70 Million, Analysts have projected their bullish guidance and suggested a massive bullish rally ahead.
Helium Seems Poised for a Sharp Up Move: Is $10 Mark on the Cards?
On the one-day chart, the HNT price made a rounding bottom formation and displayed a significant recovery in the past few sessions. In addition, during the second half of July, a falling wedge breakout was recorded.
This week, a sharp accumulation along with volume participation was seen, and a golden crossover was spotted on the chart, giving a solid conviction for the upcoming price surge.
The follow-on buying momentum conveyed that buyers looked confident and were willing to chase the uptrend ahead.
Beyond the short-term price pullback, the long-term structure was bullish. Moreover, the token might continue its bullish trend above the $8 mark. After a four-month correction, the shift in the price action and a fresh demand resurgence were noted.
The Relative Strength Index (RSI) curve saw a positive divergence and noted a bullish crossover.
JAVON⚡️MARKS (@JavonTM) a renowned analyst and strategist, tweeted that the HNT token has recorded a bullish breakout and is ready for a significant rally ahead.
$HNT (Helium) has displayed a bullish breakout of the secondary setup and a massive upside looks to be in-effect!
— JAVON⚡️MARKS (@JavonTM1) August 9, 2024
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! https://t.co/5iKwRTpC0a pic.twitter.com/P6zesU44nS
The CMF indicator had a positive reading of 0.12, revealing strong buying pressure. It also displayed a trend reversal, signaling a continuation of the up move ahead.
Total Liquidations Saw a Sharp Change
When writing, the short liquidations were noted at $17.7k, while the long liquidations were at $1k, representing a bullish sentiment among the investors.
If the Helium price accumulates more gains, it may reach the resistance mark of $7.80, followed by the $8.30 mark ahead.
On the other hand, if the token price sees any retracement ahead, it may retest the immediate support zone of $6, followed by the $5.20 mark in the short term.