Quick Summary
- Helium (HNT) rallied over 19%, trading at $4.26.
- Daily trading volume surged by 275%, reaching $35.99 million.
- HNT posted a weekly gain of 22.44%.
- Indicators suggest strong bullish momentum but hint at a potential pullback.
- The overall crypto market cap stands at $2.94 trillion after a modest 2.65% rise.
Helium (HNT) Surges Amidst Crypto Market Recovery
Helium (HNT) has been riding a strong bullish wave, rallying over 19% to trade around $4.26. The asset has seen a massive increase in trading volume, surging by more than 275% to hit $35.99 million. This positive move aligns with the broader crypto market’s modest recovery, where the total market capitalization holds steady at around $2.94 trillion after a 2.65% spike.
Alongside HNT, assets like SUI, FLOKI, and WIF have led the 24-hour gainers list, with each posting gains of over 18%. Helium has particularly stood out, showing resilience after a shaky start to the week where it dipped to a low of $3.32 before rebounding strongly.
Can Helium Hold Its Momentum?
Helium’s price chart reveals a strong bullish pattern after breaking out of a previous downtrend. The latest green candle has effectively overpowered prior red candles, signaling a shift into bullish territory. If the current momentum continues, analysts expect HNT could push higher towards $4.34 and potentially test the $5 mark.
However, risks remain. Should bearish sentiment reemerge, immediate support is noted around $4.18. A deeper pullback could drag HNT toward the $4.00 level, which might trigger a death cross and reinforce a bearish outlook.
Key Technical Indicators
Helium’s technical indicators largely support the bullish outlook. The Moving Average Convergence Divergence (MACD) line is positioned above the signal line, reflecting strong upward momentum. Meanwhile, the Chaikin Money Flow (CMF) indicator at 0.05 suggests moderate buying pressure.
Despite the positive momentum, Helium’s Relative Strength Index (RSI) currently stands at 73.14, indicating that the asset is in overbought territory. This could point to a potential short-term correction. Additionally, the Bullish/Bearish Power (BBP) value of 0.679 continues to favor the bulls, reinforcing the ongoing uptrend.
Conclusion
Helium’s recent rally highlights the growing confidence among bulls, following a prolonged bearish phase. Although technical indicators show strong momentum, the overbought RSI level suggests caution. Whether HNT can sustain its gains and climb higher will depend on the bulls’ ability to defend key support levels and capitalize on the current positive market sentiment.
As the market evolves, keeping an eye on these key technical markers will be essential for those watching Helium’s next big move.