Is HNT Crypto Poised For a Bull Run?

Helium crypto price is hovering near the upper levels, suggesting a strong outlook ahead. The buyers are trying to hold and surpass the recent supply zone and a round level of $8.

The crypto performed well last week, posting a nearly 20% gain over the chart. However, HNT showed weakness in the last couple of sessions.

At the time of writing, the Helium crypto was at $7.33 with an intraday drop of 1.64%. It has a live market capitalization of $1.17 Billion and ranks 58th in the overall crypto market. It has a 24 hour volume of 16.42 Million with a 2.09% drop over the previous session

As observed on the chart, the buyers could not continue with the same momentum this week and the price turned around after testing the supply zone at $8. The last couple of sessions have experienced a weak selloff from the upper levels indicating the weak supply zone. 

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Helium Crypto Price Action Analysis

Moreover, the daily chart suggests the formation of an ascending triangle pattern with the price rolling in between the supply zone of $8. Also, the HNT crypto took multiple supports from a positive trendline support and edged higher. 

The buyers have established themselves near the positive trendline support which is also near the 50-Day EMA on the daily chart. While the sellers are positioned near the resistance of the ascending triangle pattern and a round level of $8. 

Currently, the price is hovering in a confined range and might register a breakout or breakdown soon. The breakout above the supply zone of $8 may unlock the higher levels of $9 and $10. 

On the other hand, the breakdown below the trendline support line may confirm the sellers’ domination in the short term and the price could slide to the lower levels of $6 and $5, respectively.

From a technical perspective, the HNT price hovers above all the key EMAs suggesting a bullish outlook in the short term as well as long term. At the time of writing, RSI line was at 53.3 points and SMA line line was 53.10 suggesting a neutral to bullish outlook. 

Helium Price Prediction February 2024

The most optimistic view of analysts estimates that the HNT crypto may attain a high of $9.76 by the end of February 2024. However, the pessimistic aspect of analysts suggests that the price could drop near the 50-Day EMA and trendline.

Helium Crypto Price Prediction 2024

The price forecast for the year 2024 is that the HNT token price could reach a high of $14.45, suggesting a potential gain of over 93.7% if the most positive conditions prevail. Moreover, the bearish outlook of the analysts pegs the price at $10.89 by the year-end.

Helium Price Prediction 2025

By the year 2025, the Helium price may attain $20.01 as the highest price on the positive side. On the flip side, the minimum price up to which the crypto price may rise by the year 2025 is $14.24.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.