HNT Price Analysis: Bullish sentiment captured by Helium Crypto price increase

•HNT/USD is currently priced at $5.44 and has increased by 1.28% over the past day

•The trading volumes have increased increased by a whopping 140.31% over the past day

•The technical indicators suggest a positive outlook for the near term

Short Term View: Helium Crypto price breakout looks imminent 

The Helium crypto price today is $5.44 USD with a 24-hour trading volume of $73,959,225 USD. Helium is up 1.28% in the last 24 hours. The trading volumes have increased manifolds over the past day amid increased investor activity. The Volume to Market Cap Ratio, on the other hand, stands at 0.1064 for the altcoin.

Helium Crypto is currently trading significantly below its all time high of $55.22 which it reached on Nov 12, 2021. The asset is trying to make a move to the upside as is demonstrated by it pushing above the 20, 50 SMA on the daily chart, which has been acting as resistance lately. The increasing bullish sentiments in the price action hints at a possible breakout , with the resistance placed at $6. On a contrary note, the support level is placed at $5 in the event of the bears entering the fray once again. The next couple of days’ movement will tell us much about the immediate future of the altcoin.

Long Term View for Helium Crypto

The RSI indicator for Helium Crypto resides at 54.65 as the altcoin continues to make higher low formation to rise higher into the nearly oversold zone. At this stage, a foray into the overbought territory doesn’t seem like a far fetched possibility.. On the other hand, the green histograms have been trading in the positive zone as the asset has been in a consolidation phase for the past month in an attempt by the bulls to minimize the losses. The uptrend has resulted in the MACD line entering the positive zone and the signal line is likely to follow suit in the coming hours or days.

Conclusion 

With the recent bullish reversal seen in the consolidation range, the Helium Crypto price could bring bullish powers back into action. The highly possible bullish breakout can result in a bull run to the following prominent resistance level.Therefore, traders need to keep a careful watch on the Helium crypto price action.

Support: $5.20-$5

Resistance: $5.50-$6

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.