HNT Price Reversal Marks 40% Upside Potential, Eyes $10!

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Rising on a bearish day for most altcoins, the HNT price trend finds unprecedented support from buyers at a crucial support level. With an impressive intraday rise and a bullish pattern teasing a bullish reversal, Helium is preparing a bull run to enter 2024 with a bang. 

Bouncing from the $6.62 support level coinciding with the 61.80% Fibonacci level, the altcoin is ready to restart the bull run.  Moreover, the declining intraday trading volume during the pullback supports the bullish reversal possibility per our Helium price prediction. 

Source – Tradingview

Following the bull run above $9, the HNT price fails to reach the psychological barrier at $10, leading to a sharp bearish fall. However, the lack of volume support and the lower price rejections projected the correction as a minor pullback. 

Currently, the intraday gain of 9.65%, leading to a morning star pattern forming at the crucial area of interest of $6.62, teases a comeback for Helium. Moreover, with the HNT price trading at $7.275 and the bullish engulfing candle finding volume support, the buyers are lining up to pay an extra premium. 

On a side note, the trend-based Fibonacci level indicates the possibility of the HNT price reaching the $10.45 mark. Hence, a potential jump of more than 40% arises in the Helium chart. 

Technical indicators: 

RSI: The daily RSI slope shows a positive turnaround from the halfway line as the buyers return. With the rounding reversal ready to approach the overbought boundary, the lack of divergence proves a strong trend in the HNT price.

MACD Indicator: The MACD and signal lines are preparing to regain their bullish alignment with a crossover event. Moreover, the lack of intensity in the bearish histograms supports the crossover possibility. The bullish crossover will signal a trend reversal for Helium prices. 

Will HNT Price Cross The $10 Mark?

A look at the daily time frame chart shows the ongoing recovery in HNT price igniting with a morning star pattern. This chart pattern, commonly spotted at the bottom of a pullback or a downtrend, signals a sign of trend reversal.

Thus, a recent reversal from $6.62 bolsters the possibility of a bull run and fracturing the overhead Fibonacci levels, especially the $8 mark. If the Helium prices sustain the momentum, the buyers can drive a rally of 43% to meet the next significant resistance of $10.43.

On a contrary note, a bullish failure can lead to a retest of $6.62.