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.