The Helium trend reversal hit 112% within 10 days from the $3.470 low formation during the market crash last Monday. Will the increasing momentum in HNT’s recovery result in a 38% hike?
Helium’s high-speed recovery run, mostly unaffected by the broader market crash, continues to head toward the $10 milestone. The unstoppable bull run turned the year-to-date return in Helium positive to 5.22%.
With a boost in trading volume and a market crap approach $1.2 billion, the altcoin is likely to become one of the best performing Solana-based altcoins.
Helium’s Uptrend Exceeds $7.50
On the daily chart, Helium shows a rounding bottom reversal rally moving at breakneck speed. The ongoing rally accounts for a price jump of 112% from the $3.46 low formation last Monday.
Currently, Helium trades at $7.34, with a 12% gain in the last 24 hours. However, the daily candle shows a pullback of 0.97% with a long tail revealing massive demand underneath.
Based on the Fibonacci retracement over the correction phase, multiple high volume levels between $3 and $9.88 arise. The ongoing recovery run surpasses the 61.80% Fibonacci level at $6.336, following the critical 50% level breakout at $5.528.
Essentially, the daily chart expresses a massive bullish influence over the Helium price trend. This increases the possibility of HNT’s price hitting the $10 psychological milestone.
Underlying Bullish Growth Seems Unstoppable
In the 4-hour chart, the ascending prices of Helium show a higher high formation, leading to the generation of a resistance trendline. However, the underlying surge in bullishness forms a bullish trend continuation using the trendline as a neckline.
As visible in the chart above, Helium forms an inverted head and shoulder pattern. Currently, the altcoin trades near the neckline, teasing a bullish break. Furthermore, the MACD and signal lines are restarting a bullish trend.
Will Helium’s Bull Run Hit $10?
The daily RSI line spikes into the overbought zone, surpassing the 70% boundary line as Helium skyrockets. However, a sideways shift near the 70% line could prolong the bull run.
Furthermore, the super trend indicator shows a strong rally in action as the HNT price is quite high from the green line at $4.895. Hence, the indicator signals the bull run to be intact as long as Helium is above $4.895.
Coming back to the Fibonacci levels, the bull run is heading to challenge the 78.60% Fib level at $7.783. A bullish breakout rally will increase the chances of hitting the $10 psychological mark.
Based on the Pivot point standards, the neckline coincides with the first resistance pivot level at $7.520. A bullish breakout could reach to the third pivot resistance level at $10.95 after facing minor hurdle at the second pivot resistance at $8.925.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
