HNT Technical Analysis: Booming Recovery Rally Eyes $16

Table of contents

  1. Past Performance of HNT
  2. HNT Technical Analysis
  3. Upcoming Trend

The increasing buying pressure fuels the HNT recovery rally and increases the likelihood of the $12 breakout resulting in a price jump to $15.

Key technical points:

The market prices recover 5.33% over the past 24 hours.The trendline breakout rally gains trend momentum.The 24-hour trading volume of Helium is $36.91 Million, indicating a drop of 40%.

Past Performance of HNT

HNT prices showed a dramatic reversal from $6.85 which resulted in an increase of 30% on May 30th to break above the long-coming resistance trendline. The breakout rally gains momentum after retesting the bullish breakout and jumps 50% within the last week resulting in the 50-day SMA breakout.

TradingView Chart

Source- Tradingview

HNT Technical Analysis

HNT prices gain bullish commitment as the buying pressure continues to grow evidenced by the jump in trading volume. Hence, the breakout possibility increases but traders must wait for a price action confirmation to avoid a bearish reversal. The crucial Simple Moving Averages – 50, 100, and 200-days marked as red, orange, and black respectively, maintain a bearish alignment. However, the recovery rally crossing above the 50-day EMA increases the likelihood of a bull run to the 100-day EMA.

The MACD and signal lines show a bullish rally crossing above the zero line as the buying spree continues evidenced by the growing intensity of the positive histograms. In addition, the RSI shows an unrelenting growth in underlying bullishness as the uptrend reaches the overbought boundary. Hence, the indicators show phenomenal growth in the underlying bullishness turning the overall HNT technical analysis bullish.

Upcoming Trend

If buyers successfully overpower the selling pressure at $12, a bull run to $16 will inflate the HNT prices by 35%. However, a reversal to retest the $10 will depreciate the market value by 18%.

Resistance Levels: $12 and $16

Support Levels: $10 and $7.5

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