【Helium Breaks Downward Channel, Can It Bounce Back and Break $10?】
Helium (HNT) has shown strong performance recently, with a price increase of 33.55% last week, currently priced at $8.52, and a market capitalization close to $1.5 billion. The market is focused on whether it can break the psychological barrier of $10.
Technical analysis shows that HNT has posted bullish candles for three consecutive days since its upward trend began on November 30, breaking the downward channel pattern. The price reached a 24-hour high of $9.377, currently priced at $8.484, with a daily increase of 5.01%. HNT is challenging the 78.60% Fibonacci resistance level; if it can successfully hold above this level, it will confirm a new breakout, with a target price potentially exceeding $11.16, setting a new 52-week high.
Technical indicators support the bullish trend:
・MACD and signal line are positively aligned, with a noticeable increase in the histogram.
・50-day and 100-day EMA show a bullish crossover, indicating the possibility of continued upward movement.
Zest founder James Fayal shared data showing a significant increase in Helium network usage, with over 10,000 data credits burned for two consecutive days, reflecting increased demand and a deflationary effect on circulating supply, further boosting market confidence.
The short-term price target is the psychological barrier of $10, and if broken, it may further challenge the 1.272 Fibonacci level ($11.96). However, if it fails to break the 78.60% resistance level, the price may retreat to $7.37 (61.80% Fibonacci support level), facing about a 13% downside risk.
Overall, HNT has strong upward momentum, with a high likelihood of breaking the $10 target, but market volatility still requires vigilance against potential risks.