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Helium (HNT), Avalanche (AVAX) and Pickle Rallies as DeFi Continues Booming

cryptoknowmics.com 11 February 2021 09:30, UTC
Reading time: ~3 m

The price of Bitcoin (BTC) continues soaring to an all-time high above the $48,000-mark after Tesla invested $1.5 billion on the leading cryptocurrency. Meanwhile, Ethereum registered a record high above $1800, surpassing its previous peak price of $1,761 on Feb. 5. Along with several major cryptocurrencies, several smaller tokens including Helium (HNT), Avalanche (AVAX), and Pickle Finance (PICKLE) continue rallying amid booming growth in the DeFi space.

Helium (HNT) Token

On Feb. 1, the price of the Helium (HNT) token has risen from an intraday low at $2 on Feb. 1 to an intraday high at $4 today. This signifies an 85% rally within just a week. The price movement of the HNT token symbolizes bullish market sentiments, although bearish investors are lurking around the corner too.

For instance, the HNT/USD chart revealed increased sell orders near the $4 resistance but that resulted in a deeper correction. Currently, traders are attempting to drive the price above $4 and resume the uptrend. That could lead the HNT token to rally towards $5.

However, if the price again turns down from the current levels, the HNT token might consolidate in a tight range for a few days. Although, the markets are currently overheated in the short-term and might enter into a correction or consolidation phase.

Avalanche (AVAX)

On Jan. 28 Avalanche (AVAX) token increased from $10 on Jan. 28 to an intraday high at $33 on Feb. 8. This symbolizes a booming rally of 213% rally in just about two weeks.

The AVAX/USD chart reveals that the Relative Strength Index (RSI) above 90 suggests that the tokens were overbought in the short term, resulting in an increased profit-booking on Feb. 8.

The sell orders continue today that might result in a price pullback. Although, bullish investors might try to resume the uptrend. If they are successful in pushing the price above $33, AVAX might even move up to $47.

Although, if the bears try to drop down the price below $25 it will suggest that the momentum has weakened. AVAX could then remain range-bound for a few days before starting the next trending move.

Pickle Finance (PICKLE)

Pickle Finance (PICKLE) rose from an intraday low at $13 on Feb. 1 to an intraday high at $35, symbolizing a gain of 162%. The token saw large range moves between Feb. 6 and 8.

The token pair has formed an inside-day candlestick pattern today, suggesting indecision among the bulls and the bears about the next directional move. If the token price pushes above $35, PICKLE might continue its uptrend and reach $44 and then $50.

Although, if the price drops below $27, it will continue dripping further. If that happens, the tokens might consolidate for a few days before making the next directional move.

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