HNT Technical Analysis: Will This Bullish Momentum Break Above $2.50?

The HNT technical analysis highlights the start of a new bull cycle backed by the high demand among buyers and an uptrend above the 200-day EMA, with prices eyeing to breach the mark of $2.50. Helium (HNT) continues to maintain the bullish momentum since last week which accounted for a 1.8% surge in the last 7 days, quickly rebounding from the recent slash during early November. The spike of 13.57% in the market cap of HNT to $321.36 million and the 2.48% surge in 24-hour trading volume to $3.80 million, indicate high enthusiasm among traders which has led the prices to a spike of more than 15% in the last 24 hours. Currently trading at the price of $2.48, the token is on the way to breaking above the crucial mark of $2.50, where buyers can expect buying opportunities.

Key Points

• The HNT price action signals a new bull cycle with a 15% jump
• With an uptrend above the 200-day EMA, HNT attempts to break above $2.50
• The intraday trading volume in the HNT is $3.80 million

Source: Tradingview

HNT Technical Analysis

HNT price action maintains an uptrend with the trendline having multiple low-price rejection candles along the support line. Several higher highs and higher lows as shown by the trendline indicate an uptrend in the HNT market. After consolidating between the range of $2.50 and $2.11 during the last few days HNT has shown a sharp recovery rally as prices pulled back from $2.31. The 200-day EMA moving far below the price channel also strengthened the underlying bullishness due to the rise in demand for HNT. The sideline traders will have multiple buying opportunities as bullish momentum seems to be breaking above 78.60% on the Fib retracement level. However, a bull rally failure may cause fear of dropping near the $2 support level.

Technical Indicators

RSI moving along the mark of 60 while teasing bullish divergence projects a spike in demand with 14-day SMA falling below the RSI line. Moreover, the rising gap between fast and slow lines signals another round of upswing followed by a bullish crossover as the bearish histogram starts declining. Therefore, the technical indicators support the new bull cycle in the HNT market with RSI showing a substantial amount of demand, while the bottomed-out histogram signals another bull swing.

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