The post HNT Price Prediction: Breakout Rally in Helium Eyes $8 appeared first on Coinpedia Fintech News
Despite a broader market weakness observed in top altcoins, colder than anticipated after the release of Ethereum ETF, the altcoins are in a jiffy. Amid the rising volatility, Helium’s HNT token price teases a massive surge with a breakout run.
With the altcoin concluding the correction phase and a new bullish pattern, the sharp recovery phase challenges a critical supply zone. Will the bullish trend in the HNT price hit $8 in July?
Trendline Break For Helium Surpasses $5
With a bullish reversal from the $3 demand zone, the HNT price surge accounts for a 75% jump within 12 days. The bull run in Helium accounts for a streak of green candles and surpasses the resistance trendline in the daily chart.
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The bounce back from the demand zone surpasses the critical 50D and 200D EMA to reclaim the $5 mark. Currently, the HNT price trades at $5.309 with an intraday gain of 0.97%, teasing an uptrend continuation.
The recovery rally challenges the next supply zone at the $5.50 level and results in a higher price rejection. The long-wick formation reveals massive supply pressure above the $5.50 zone and warns of a bearish reversal.
Technical Indicators:
MACD: The ongoing recovery rally in the HNT price leads to a positive crossover in the MACD and signal lines. Further, the bullish histograms resurfacing in the daily chart signal a surge in demand.
EMA: The uptick in the 50D EMA heading towards the 200D EMA teases a potential golden crossover event, signalling a trend reversal.
Where Is HNT Price Headed?
With the bullish breakout of the trendline and the HNT price reclaiming the $5 mark, the underlying demand is increasing. Considering that the broader market will recover, the Helium price bull run will surpass the supply at $5.
Helium HODLers can anticipate the bullish breakout rally to reach the next high supply point at the $8 mark.