As a seasoned researcher with extensive experience in the cryptocurrency market, I have closely monitored the recent developments in Helium (HNT) and am encouraged by its impressive 62% growth within two weeks. This surge comes on the heels of significant milestones for the project, including surpassing 100,000 subscribers on their decentralized wireless network and releasing an updated roadmap that highlights new features and services to attract more users.
In the past fortnight, there has been a renewed sense of optimism in the cryptocurrency market. This surge in positivity comes on the heels of Bitcoin‘s rally above $67,000, causing most significant altcoins to recoup their losses from June’s correction. With bullish sentiment dominating, investors are now closely watching Helium (HNT), which experienced a remarkable 62% growth within just two weeks. However, it remains uncertain whether HNT will continue its recovery or if a major correction is imminent.
Helium Price Eyes Major Reversal Amid Wedge Pattern Breakout
In the daily Helium price chart, there’s a clear illustration of a wedge pattern reversal emerging. During the market correction from May through early July, the trend for this altcoin displayed a weaker bearish momentum with shallow declines in price followed by higher lows.
Two conjunctional trendlines linked the swings on the chart, revealing the emergence of a falling wedge formation. This technical configuration suggests that the maturing downward trend may soon yield to buying power, allowing market participants to regain control of the trend’s direction.
Based on my extensive experience in the cryptocurrency market, I can tell you that the altcoin in question was significantly affected by a prevailing pattern and hit a low of $2.87 back in June. However, it bounced back from this low and on July 15th, the HNT price surged with a force, recording a robust 15% increase. This marked a clear breakthrough of the upper boundary of the wedge formation. The market dynamics can be quite unpredictable at times, but my past experiences have taught me to keep a close eye on such developments and adapt accordingly.
Following the announcement that Helium Mobile Network has reached a major milestone of over 100,000 subscribers, there has been a noticeable increase in price. This development underscores the expanding faith and reliance on Helium’s decentralized wireless network, renowned for its economical and expandable offerings in IoT connectivity solutions.
As a network analyst, I’m excited to share that our team recently published an update on our roadmap progress as of July 12. In this latest release, we’ve unveiled some new and enticing features designed to draw in more users and fortify our network even further.
After experiencing a significant price surge following a market breakout, the asset is now trading at $5.07 – a 30% increase from its previous value. The market capitalization for this asset has been reported as $806.47 million.
The price of HNT is currently encountering resistance at the level of $5.23, which could lead to a temporary drop in price before another potential increase.
The price of $4.6 aligning with the 200-day Exponential Moving Average (EMA) and the level of $3.845 following the 50-day EMA provides a good place for potential buyers to enter the market during corrections.
If buyers continue to purchase Helium aggressively, they may face a significant resistance level at around $6.1. Overcoming this hurdle could open the door for an extended upward trend.
Technical indicators:
- EMAs: The 20-day Exponential Moving Average crossover above the 50-day slope projects a potential buy signal and strengthens the buyer’s grip over this asset.
- ADX: The Average Directional Index slope surged to 27% hints a young recovery with an opportunity to extend higher.
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2024-07-22 18:56