HNT price is consolidating and can soon witness a bullish breakout.
Current price of Helium is 97.5% lower than its all-time high.
Helium price has been consolidating for the past few weeks, and now can witness a bullish breakout. HNT price could witness a boom in ten days as the network is ten days away from launching on Solana mainnet. The Helium Mobile will be the world’s first crypto carrier on Solana.
🎉 1️⃣ 1️⃣ Only 11 days from launching on @solana mainnet and we couldn't be more excited for our friends at @helium_mobile who will be the world's first crypto-carrier on Solana. Going to Consensus in ATX? Join their event on April 27th. Registration is open. Link in thread👇 pic.twitter.com/SpgxYqSnUu
— Helium🎈 (@helium) April 7, 2023
The Monoscope
The HNT price forms a consolidation phase after falling for several trading sessions, and marked a new 52 week-low at $1.1643. The Bollinger Bands contract near the consolidating price suggesting a dormant market. The trading volume declines to suggest a deserted market, which can soon be flooded with potential buyers, running up to the launch of Solana mainnet.
HNT price can turn bullish once the resistance near $1.5330 is breached. The projected price rise can aim for $2.00. A horizontal OBV suggests a stagnant market which could soon produce an uptrend. The Commodity Channel Index (CCI) measures the difference between current prices and historical prices. CCI moved from negative toward 100, indicating a bullish trend for the coming days.
HNT price has been under bearish influence. The Super Trend shows the bears catching a breather as the indicator goes flat with the horizontal channel. The trend can soon turn bullish, as per previous bearish trend, which ended after a flat movement. The MACD forms a gradually widening divergence and records ascending buyer bars indicating steadily increasing buyer engagement. The RSI alo escalates from the floor range to suggest buyers gaining dominance slowly and steadily.
The Microscope
The Helium price action over the smaller time frame shows an extended consolidation phase, trying to breach the channel. The Super Trend indicates bulls trying to establish a trend but are facing residual bears, but soon can gain dominance over the market. The MACD forms a converging pattern, which reflects declining sellers as it records descending seller bars. The RSI rises from the half line mirroring rising buyer participation in the market. The positive RSI supports the prediction of a bull run in future.
Conclusion
HNT price is presently consolidating, moving sideways. The stagnant price can soon witness a bullish breakout. A bullish trend could be observed around the Solana launch. The price can reach $2.00 after breaching the resistance near $1.5330.
Technical levels
Support levels: $1.2185 and $1.1000
Resistance levels: $1.5330 and $1.9055
