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
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
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.
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