HNT Price Analysis: Will A Triangle Breakout Cross $10?

The post HNT Price Analysis: Will A Triangle Breakout Cross $10? appeared first on Coinpedia Fintech News

With a market cap of $1.14B, Helium ranks at #60 in the crypto market, with a 13.16% drop in the last seven days. However, the HNT price has increased by 120% in the past 90 days. 

With a triangle pattern holding the future price trend on Helium, the altcoin stands at a crossroads. Will bulls lead a triangle breakout rally to $10? Find out now, in our HNT price analysis below.

HNT Price Analysis

In the daily chart, the HNT price action reveals a recovery rally taking a sideways shift in a symmetrical triangle pattern. The recovery run in HNT started with a falling wedge pattern breakout in early July from the $3 psychological mark.

Followed by the falling wedge breakout, HNT price action reveals a flat breakout leading to the current symmetrical triangle pattern. Based on the Fibonacci levels, the Helium price is consolidating between the 78.60% and 61.80% Fibonacci levels at $7.782 and $6.365, respectively. 

Tradingview

Meanwhile, the HNT price trades near the short-term local trend line, slightly above the 100-day EMA. Helium shows a bearish cycle threatening a breakdown rally within the triangle pattern. 

With growing tensions over the support confluence of 100-day EMA, the local support trendline, and the 61.80% Fibonacci level, Helium stands at a crossroads. Despite the bullish alignment of the critical EMAs, the MACD and signal lines are in a declining trend. 

Where’s Helium Price Headed?

In the last two quarters, the HNT price action shows a bullish attempt to form a rounding-bottom reversal with a neckline near the $1.10 psychological mark. In case of a bullish comeback leading to the triangle breakout rally, the Helium price is likely to hit the $1.10 neckline. 

Based on the Fibonacci levels, the breakout rally will have two potential targets at $14 and $21. On the flip side, the crucial supports below $6.36 are at $5.527 and $4.80.

Curious if the Helium price will hit $10 this year? Find out now in Coinpedia’s HNT price prediction for 2024 to 2030.