As the crypto market bounces back with Bitcoin crossing above the $84,000 mark, altcoins are gradually gaining momentum. One of the top-performing altcoins in the past 24 hours is Helium, with its HNT token price surging nearly 10%.
Over the past week, the HNT price has jumped nearly 36%, reaching the current market price of $3.55. As the recovery run and HNT gain momentum, will the altcoin reclaim the $5 psychological mark? Let’s find out.
HNT Forms Double Bottom, Targets $5
In the daily chart, the HNT price trend showcases a steep correction starting in late December 2024, resulting in a price drop of nearly 75%. The downfall extended from $9.23 to a baseline at $2.45.
With a lower price rejection, the HNT price action completed a double bottom pattern at a $2.45 baseline in early April. The neckline of the double bottom pattern stood at $3.42.
The Bulls completed the breakout rally on April 12 with a price surge of 26.42%. Currently, the HNT price showcases a post-test reversal from the broken neckline, completing a morning star pattern.
Over the past two days, the HNT price created two consecutive bullish candles to challenge the 100-day SMA line. With the post-test reversal, Helium is expected to challenge a 23.60% Fibonacci level close to the $4 psychological mark.
Supporting the chances of a new extended bull run, the recovery in Helium has crossed above the red line of the supertrend indicator. This marks the beginning of a new uptrend, potentially leading to a higher high trend.
In case of a breakout, based on the Fibonacci levels, the breakout of the 23.60% retracement level will likely prolong the uptrend to the $5 psychological mark. This is based on the 38.20% retracement level close to the price target.
On the flip side, the crucial support for the HNT price stands at the 50-day SMA near the $3 mark.
Helium Network Growth Skyrockets This Week
Supporting the bullish rally in the HNT coin price, the Helium network has witnessed a massive surge in activity over the past week. The daily user count on the Helium network has surged to 670,000 per day, registering a near 22,000 surge in the last week.
Furthermore, the hotspot deployed by the network has increased by nearly 2,000 in the past seven days, completing a total of 93,188 hotspots. Similarly, the Helium mobile signups have reached a total of 167,000, out of which 3,727 signups came in the past week.
Hence, as the network witnesses a massive surge in signups, user count, and overall hotspots, the demand for HNT tokens is rising.
