Will the Helium (HNT) token break out from the falling channel and exceed the key Fibonacci level, leading to a crossover above $10?
Despite significant supply pressure as Bitcoin approaches the $95,000 support level, the altcoin space continues to perform strongly. Helium is one of the best-performing cryptocurrencies, with its native token HNT rising 33.55% last week to a market price of $8.52.
HNT's market cap is about to surpass $1.5 billion. In such a volatile market, will HNT's price recovery rebound push it above the psychological barrier of $10? Let's explore further.
HNT price is running above $8.
On the daily chart, Helium's price trend shows three consecutive bullish candles, with the rebound starting on Saturday, November 30. The price trend has broken through the falling channel pattern.
Furthermore, the breakout rebound extended to a 24-hour high of $9.377. HNT's current trading price is $8.484, up 5.01% intraday.
With the triple white soldier pattern (three consecutive bullish candles), Helium is challenging the 78.60% Fibonacci level. A bullish closing price above this level within 24 hours will confirm a new breakout rebound.
This resistance level led to a failed bullish trend in September, triggering a falling channel pattern. Therefore, breaking through this key resistance level could set a new 52-week high, potentially breaking above $11.16.
The MACD and signal line are positively aligned, with increasing positive histogram supporting the bullish trend. Additionally, the 50-day and 100-day moving averages show a bullish crossover, indicating the potential for a continuation of the rebound.
The increase in the destruction of Helium data credits is driving the HNT bull market.
Recently, X Postal Zest founder James Fayal shared statistics supporting the bullish rebound of the HNT token. James published data on Helium network activity, showing a significant increase in Helium data credits consumed due to network usage.
Statistics show that the amount of Helium data credits destroyed over two consecutive days has significantly increased, exceeding 10,000, indicating a rising network usage and stimulating market demand for the HNT token. Additionally, this will have a deflationary effect on the circulating supply and increase positive sentiment due to broader adoption.
Helium price target.
Trend-based Fibonacci levels indicate a recent price target nearing the psychological barrier of $10. If the bull market breaks above $10, the target could be the 1.272 Fibonacci level at $11.96.
On the other hand, if the rebound fails to close above the 78.60% Fibonacci level, the price may retest the 61.80% Fibonacci level, currently at $7.37, reflecting a downside risk of nearly 13%.
