Will the Helium (HNT) token break above the key Fibonacci level from the rebound out of the descending channel, leading to a crossover above $10?
Despite the significant increase in supply pressure as Bitcoin approaches the support level of $95,000, 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 capitalization is about to break through $1.5 billion. In such a volatile market, will the recovery rebound in HNT price 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 descending channel pattern.
Furthermore, the breakout rebound extended to a 24-hour high of $9.377. The current trading price of HNT is $8.484, with an intraday increase of 5.01%.
With the three white soldiers pattern (three consecutive bullish candles), Helium is challenging the 78.60% Fibonacci level. A bullish close above this level within 24 hours will confirm a new breakout rebound.
This resistance level caused the bullish trend in September to fail, triggering a descending 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, and the positive histogram increases support for the bullish trend. Additionally, the 50-day and 100-day moving averages show a bullish crossover, indicating a potential continuation of the rebound.
The increase in the destruction of Helium data credits is driving the HNT bull market.
Recently, X Post 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 has significantly increased for two consecutive days, exceeding 10,000, indicating that network usage is continuously rising 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 that recent price targets are close to the psychological barrier of $10. If the bullish 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%.