For nearly five weeks, the price of helium has fluctuated between $12 and $6.65. Furthermore, the convergence actions have created a cup and handle configuration, with $12 chosen to represent a neckline. A decisive breakout would result in a surge back to $16.7.
- Within the last five days, HNT has increased by 54%.
- At $12, buyers are looking for a break past the cup handle pattern's neckline.
- The token's intraday trading volume has dropped by 21.5 percent to $31.7 million.
HNT/USDT fell to new 2022 lows of $6.64 during the April-May sell-off. Meanwhile, buyers looking for bargains drove the token up 75.5 percent to test the initial resistance level of $12. Despite this, Helium experienced minor losses during last week's crash. The alt retested its $12 overhead resistance in another upward reaction. Such price changes confirm the formation of a cup and handle, implying lucrative recovery opportunities.
If the alternate solution token rises above the neckline at $12, buyers will propel it towards the original goal of $16.7, resulting in a 38 percent increase. Failure to break through the $12 barrier, on the other hand, would result in further declines for HNT.
Technical Indicators from HNT
- The Relative Power Index
As price action maintains a lateral trend, the daily RSI's slope is elevated, indicating increasing purchasing strength. HNT buyers are encouraged to break upwards towards the setup's neckline by this positive divergence.
- Band Bollinger
Within the last two months, the price of helium has been resonating between the BB's lower band and the midline. Nonetheless, the alt broke through the midline to enter bullish territory, confirming that buyers are outshining sellers.
Helium, on the other hand, will be primarily influenced by general market sentiment. For the time being, bears appear to be in control of the cryptocurrency market, and they appear to be ready to put a stop to any upward movement. The global cryptocurrency market capitalization is still well below one trillion dollars. While writing this article, the total value of digital assets was $885.88 billion, down 1.10 percent from the previous day.
Meanwhile, the total crypto market volume fell by 26.08 percent to $55.84 billion in the previous 24 hours. Such developments support the market's downward trend. In the current market environment, Helium will face uptrend resistance.