HNT crypto’s 45% surge: Is a $10 price target on the cards?

HNT was the coin with the highest gains in the last week.
A key technical indicator has hinted at the possibility of a continued rally.

As a researcher with a background in technical analysis, I find the recent performance of Helium Network Token (HNT) quite intriguing. With a staggering 45% price growth in the last week, HNT has emerged as the cryptocurrency asset with the highest gains during this period.

In the past week, HNT, the native token of the Helium Blockchain, has experienced a 45% increase in price and now holds the title of the cryptocurrency asset with the greatest price surge among all, based on data from CoinMarketCap.

As a crypto investor, I’d say: At the current moment, this altcoin is being traded at a price of $5.9. There has been a significant increase of 12% in its value over the last 24 hours. Furthermore, its trading volume for the day reached a total of $67 million, marking an elevation of 11%.

Examining the possibility of a sustained rally

As a crypto investor, I closely watched HNT’s price action on the daily chart and noticed an intriguing pattern emerging: a U-shaped cup with a handle. This technical formation, often referred to as a “cup and handle” pattern, suggests that after a deep price correction (the “cup”), there will be a consolidation period (the “handle”) before the price makes a strong upward move.

As an analyst, I would describe this pattern as follows: When an asset’s price takes a downturn and hits a bottom, only to bounce back gradually, forming a “U-shaped” pattern reminiscent of a cup, it is referred to as the “cup and handle” pattern. This pattern can be indicative of a potential price reversal or the continuation of an uptrend.

Following a decline in HNT’s price that started on April 12th, the cryptocurrency bounced back from its support at around $3.70. This price level saw some trading activity for a few days. Subsequently, HNT rallied towards the resistance level of approximately $5.9, where it was currently trading.

As a researcher studying the price trends of HNT, I’ve identified an important indicator for potential growth. If HNT manages to surpass its previous high of $5.9 (the cup’s rim), it could potentially continue its upward trajectory and increase by approximately 30%.

As a crypto investor, I closely monitor the altcoin’s key momentum indicators. Recently, I’ve noticed a consistent uptick in demand for this coin, which could potentially lead to it breaking through the resistance level and reaching new heights. In other words, the cup is filling up with potential buyers, and if the market conditions remain favorable, we might see the altcoin break above its current resistance, resulting in further growth.

At the current moment, HNT’s Relative Strength Index (RSI), which represents the sentiment of traders regarding HNT, was at 61.53 and indicated an uptrend. This figure suggested that more traders were purchasing HNT compared to those looking to sell, signaling a bullish market attitude towards this cryptocurrency.

Additionally, the Chaikin Money Flow (CMF) indicator for the coin, which signifies the net inflow and outflow of funds, was set at 0.03 above the zero line when checked.

The influx of liquidity into the HNT market due to fresh demand outpaced the capital taken out by its traders.

HNT crypto’s 45% surge: Is a $10 price target on the cards?

As a crypto investor, I’ve noticed HNT showing promising signs of continued growth. However, it’s essential to keep in mind that if the resistance level at the “cup’s rim” holds strong for Hnt, its price could take a downturn and potentially retest the $3.70 support level again.

2024-04-30 22:16

Examining the possibility of a sustained rally

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