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Helium (HNT) price has witnessed buying pressure since July and rose by 150%. The HNT price has been rising by taking support on an ascending trendline and heading towards the last swing high. It has departed from the buying zone with strong buying momentum and may gain 30% in one go.
The HNT price was witnessing parabolic recovery at press time in the daily time frame. It took support on the trendline and generated a buying signal. The HNT crypto price surpassed the 20-day exponential moving average (EMA), and that could be a bullish signal.
Let’s analyze how the HNT token might perform after this pullback.
Could the HNT Price Record a New All-time High (ATH) in September?
When writing, the HNT price was trading at$7.68. Its value dropped by 1.84% over the past 24 hours. This token’s market capitalization was $1.23 Billion, and the 24-hour trading volume was $28.43 Million, with a 300% gain.
The bullish momentum on the trendline could invite buyers and might manage to surpass the last swing high. A massive surge in the trading volume supported this momentum, which could be a key factor for a bullish move.
The token buyers might show interest if the price sustains over the 20-day EMA. If they remain strong, the price may reclaim the $10 mark. Once the HNT crypto price overcomes the $10 mark, it might witness intense buying momentum and record a new ATH.
On the other hand, if the crypto asset price starts trading below the trendline, buyers might be in a panic situation. Here, most of the investors may prefer to book profit by selling their tokens. Moreover, losing the 200-day EMA could enhance fear among investors.
The HNT price exceeded the 20-day EMA and was heading towards the 200-day EMA. It has departed from the Lower Bollinger Band (BB) and surpassed the Base BB. The token’s price was moving toward the Upper BB, which could be a buying signal.
Massive Surge in HNT Price After Liquidation?
Market Spotter (@MarketSpotter) has tweeted that the HNT crypto has the potential to perform positively ahead. It has witnessed a breakdown from an ascending channel.
The price of $HNT broke downwards from the ascending channel and now will need to bounce from the $6 support before turning bullish again. pic.twitter.com/QavY5SDp4d
— Market Spotter (@MarketSpotter) September 22, 2024
Once the HNT price bounces back from the $6 mark, it may gain bullish momentum. At this level, most small investors might be exhausted, and big investors might take charge.
Technical Forecast
The recent HNT price surge and a significant increase in its trading volume indicated that it had the potential for a breakout and a 30% gain in a single spike.
The price has shown strong bullish momentum. Besides, if it sustains above the 20-day EMA, it could attract more buyers and potentially reach the $10 mark, leading to a new all-time high.
The technical indicators suggest a bullish outlook, with the price surpassing key moving averages and Bollinger Bands, signaling a potential buying opportunity.