HNT Price Ignites Overnight Bull Cycle, Eyes a Breakout Run for a New 52-Week High This Week
- WBOYOriginal
- 2024-08-27 18:09:17618browse
With a market cap of $1.14 billion, Helium ranks #59 in the crypto market. However, as a top performer in the broader market recovery, the HNT price eyes the $10 breakout this year.
The broader market volatility surged overnight as Bitcoin slipped 2%, while long liquidations spiked to nearly $100 million last night. However, countering the bearish market sentiment, the HNT price soared 12%.
With a bullish engulfing candle, Helium eyes a breakout run for a new 52-week high this week. But is this the upcycle to buy for a breakout rally past $10? Let’s find out.
HNT Price Ignites Overnight Bull Cycle
Ranked #59 in the crypto market with a market cap of $1.14 billion, the HNT price eyes the $10 breakout this year, being one of the top performers in the broader market recovery.
The daily logarithmic chart of the HNT price showcases a near-term falling channel breakout. The altcoin has been trending bullish for the past 45 days, surging 127% since 12th July.
The bullish momentum has led to a golden crossover between the 50-day and 200-day exponential moving averages. The channel breakout rally is consolidating between the 78.60% and 61.80% Fibonacci levels.
In terms of price action levels, the consolidation spans from $6.22 to $7.684. Countering the recent negative cycle, the HNT price surged 12.29% overnight and currently trades at $7.08 with 1.30% intraday growth.
As the bullish trend continues, the bulls might soon challenge the overhead resistance for a breakout rally. The daily RSI line is also trending up, boosting the chances of a breakout rally.
Crucial Levels For Helium
The upcoming resistances are at 100% and 1.618 Fibonacci levels at $10.053 and $21.847, respectively. On the downside, the 50% and 38.20% Fibonacci levels will help sustain the breakdown rally. The said Fibonacci levels are at $5.365 and $4.626, respectively.
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