HNT Price Eyes $10 as 20% Weekly Gains Tease $7.78 Breakout

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As the broader market recovers, Helium’s HNT token price is making a bullish comeback with a quick V-shaped reversal crossing above the $6.50 mark. With the weekly sprint of ~20% surge, Helium prepares for a breakout rally to create a new 52-week high. 

Will the uptrend result in a price jump above the $10 psychological mark? Let’s find out. 

HNT Price Analysis

In the daily chart, the bullish comeback from the 50% Fibonacci level coinciding with the 200-day SMA line results in a V-shaped reversal. As it bounces back from the $5.52 support, it exceeds the 61.80% Fibonacci level at $6.365. 

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The recovery run, creating 4 out of 5 bullish candles, accounts for a 20% rise and challenges the 50-day SMA line. Currently, it is trading at $6.66, with an intraday rise of 7.36%. 

While the reversal rally is yet to overcome the lower-high formation trend, the recovery run teases a breakout rally ahead. With a price jump above the $7.78 or the 78.60% Fibonacci level will mark a change of character in the HNT price trend. 

This will increase the upside chances for HNT price and could potentially result in a new 52-week high formation. 

The pullback to the 50% Fibonacci level of $5.52 comes as a retest of the breakout. Currently, the bullish engulfing candle, exceeding the 61.80% Fibonacci level, reflects the ongoing post-retest reversal rally. 

Technical Indicators:

SMA: As the HNT price consolidates between the 50-day and 200-day SMA line, the breakout of the upper resistance is likely to increase the trend momentum. 

MACD: Furthermore, with the increased buying pressure, the MACD and signal lines are on the verge of a bullish crossover. 

Helium Price Targets

Considering the bullish trend continues, the price targets based on the Fibonacci retrenchment tool are at $10.05, or the highest 52-week closing price, followed by $13.91 and $21. 

On the flip side, the crucial supports for Helium are present at $6.36 and the psychological mark of $6. 

Concerned about how the HNT price will conclude in the year 2024? Our Helium (HNT) Price Prediction reveals this and more!

FAQs What is the current price of HNT?

HNT is trading at $6.66 with a 7.36% intraday rise.

What are the immediate price targets for HNT?

HNT targets $10.05, with potential highs of $13.91 and $21 if the breakout sustains.

What are the crucial support levels for HNT?

Key supports lie at $6.36 and the psychological $6 mark.