Home CryptocurrencyAnalysis Helium (HNT) recovers with double-digit gains, can bulls push for $12?

Helium (HNT) recovers with double-digit gains, can bulls push for $12?

by SuperiorInvest

Despite a strong bull run in recent months, Helium (HNT) has failed to hold its ground against Tether (USDT), with the price falling from an all-time high of $50 to around $5. The recent increase in the price of Bitcoin (BTC) has had a positive impact on the overall market, as most altcoins continue to show strength and generate more than 100% gains, with the price of Helium (HNT) also in the picture for an impressive recovery. (Data from Binance)

Helium (HNT) price analysis on a weekly chart

The HNT price tried to repeat its recent bullish move which saw the price rise towards $50 with strong bullish sentiment.

After falling from a high of $50 to a low of $4, HNT struggled to stay afloat. HNT has formed strong support at $4, which seems to be a good area for most traders to enter buy orders.

The HNT price could end the week on a bullish note ahead of a new weekly candle. With such strong sentiment, HNT could hit a high of $8 and possibly $12.

HNT price hits resistance at $6.5 as it cannot rise in price; if HNT reverses this region, we could see the price rise to $8-10 and beyond.

Weekly resistance at the price of HNT – $6.5.

Weekly support at the price of KNC – 4.5 USD.

HNT Price Analysis On Daily (1D) Chart

HNT Daily Price Chart | Source: HNTUSDT On Tradingview.com

The HNT price was rejected from $25 as it dropped to a low of $4; HNT price rebounded from this after forming support to resist sell orders.

HNT rallied from a low of $4 to $5.7 before encountering resistance in an attempt to break above $6.5.

HNT is trading at $5.7 on the daily time frame and is attempting to break and hold above the 50 exponential moving averages (EMA). The $7 price corresponds to the 50 EMA, which acts as a price barrier for HNT.

HNT must break above $7, which serves as resistance for the HNT price. If HNT breaks and closes above this level, the price could rise to $10-12.

Daily resistance at the price of HNT – 7 USD.

Daily support at the price of HNT – 4.5 USD.

HNT price analysis on a four-hour (4H) chart

HNT 4 Hour Price Chart | Source: HNTUSDT On Tradingview.com

After breaking a long downtrend, HNT price remains bullish on the 4H time frame. HNT is trading above the 50 but below the 200 EMA; a break and hold above the 200 EMA to form support would indicate bullish price action for HNT.

The prices on the 50 and 200 EMA are $4.7 and $6.2, respectively.

On the 4H chart, the Relative Strength Index (RSI) for HNT is above 70, indicating high buy order volume.

Four-hour durability at the price of HNT – $6.2.

Four hour support at HNT price – $4.7.

Featured Image From Currency, Charts From

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