The broader market volatility increased overnight as Bitcoin fell 2%, and the long liquidations spiked to almost $100 million last night. Amid increasing volatility, the HNT price continues to soar against the bearish tide with a 12% surge.
With a bullish engulfing candle, Helium eyes a breakout run for a new 52-week high this week. Is this the upcycle to buy for a breakout rally beyond $10? Let’s find out.
HNT Price Ignites Overnight Bull Cycle
With a market cap of $1.14 billion, Helium ranks #59 in the crypto market. However, as a top performer in the broader market recovery, the HNT price eyes the $10 breakout this year.
The daily logarithmic chart of the HNT price reveals a falling channel breakout in the near term. With a bullish trend over the past 45 days, the altcoin has increased by 127% since July 12th.
The growth in bullish influence has resulted in a golden crossover between the 50-day and 200-day exponential moving averages. Based on the Fibonacci level, the channel breakout rally is consolidating between the 78.60% and 61.80% Fibonacci levels.
In terms of price action levels, the consolidation extends from $6.22 to $7.684. Overcoming the recent negative cycle, the HNT price has increased 12.29% overnight and currently trades at $7.08 with 1.30% intraday growth.
As the bullish trend continues, the bulls may shortly challenge the overhead resistance for a breakout rally. The uptrend in the daily RSI line also continues, bolstering the chances of a breakout rally.
Crucial Levels for Helium
Based on the Fibonacci level, the upcoming resistances are at 100% and 1.618 levels at $10.053 and $21.847, respectively. Conversely, the 50% and 38.20% Fibonacci levels will help sustain the breakdown rally. The said Fibonacci levels are at $5.365 and $4.626, respectively.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed