$11.6 Breakout Eyes 25% Pump In HNT

The ongoing recovery in Helium(HNT) price reflects the current bull cycle with a falling wedge pattern. The recovery rally registered a 70% gain as the price traveled from the $6.75 support to its current level of $11.34. Furthermore, the altcoin may soon challenge the nearest resistance of $11.6 to continue the bullish recovery.

Key points: 

• The HNT price has gained 70% within a fortnight
• The 50-day EMA resistance tries to prevent the $11.6 breakout
• The intraday trading volume in the Helium coin is $797.5 Million, indicating a 53.5% gain.

Source- tradingview

The HNT price downtrend can be marked with a falling wedge pattern. The altcoin has tested its resistance and support trendline thrice, indicating the traders strictly respect this pattern. This downfall accounted for an 88.9% loss calculated from the All-Time High of $55.6 in November 2021 to the recent lower low of $6.59 in May. 

On May 28, the HNT price rebounded from the bottom support trendline, initiating the next bull cycle. Furthermore, the U-shaped recovery pierced through immediate resistance of $8.38 and approached the next resistance of $11.6.

However, under the pattern’s influence, the HNT price should breach the $11.6 mark and climb 25% higher to retest the downsloping resistance trendline. Furthermore, the coin price could break out or witness another recovery from the resistance trendline depending upon the trader’s sentiment.

Concluding, the HNT price would continue its downtrend rally until the falling pattern is intact. 

Technical indicator

RSI indicator: the daily-RSI slope shows a significant rally that has surged above the neutral line(50%). 

EMA- the 50-day EMA aligned with the $11.6 resistance mounts an additional barrier for coin buyers. Moreover, the 100-day EMA walks the same path with a descending trendline vouching for the same cause.

• Resistance levels- $11.66, and $16.64
• Support levels are $8.38 and $6.75