By Leah Hutton (Luxembourg)
Helium has had its price wavering between $12 – $6.65 for nearly five weeks. Moreover, the consolidation actions have formed a cup & handle setup, with $12 representing a neckline. A decisive breakout would trigger a recovery surge towards $16.7.
- HNT surged 54% within the last five days.
- Buyers target a break past the cup & handle pattern’s neckline at $12.
- The token’s intraday trading volume stands at $31.7 million, showing a 21.5% decline.
The April-May sell-off had HNT/USDT plummeting to new 2022 lows at $6.64. Meanwhile, interested buyers targeting discounted prices propelled the token 75.5% up to test the initial resistance at $12. Nevertheless, Helium presented minor declines amidst last week’s crash. Another upside reaction saw the alt retesting its $12 overhead resistance. Such price movements confirm a cup and handle formation, suggesting lucrative recovery opportunities.
An upside past the neckline at $12 would see buyers propelling the alternative token towards the initial target at $16.7, translating to a 38% surge. On the other side, failure to conquer the $12 hurdle would translate to further declines for HNT.
Also read:HNT Technical Indicators
- Relative Strength Index
The daily RSI has its slope elevated as price action maintains a lateral trend, confirming increased buying strength. This optimistic divergence encourages HNT buyers to an upward break from the setup’s neckline.
- Bollinger Band
Helium has had its price resonating between the BB’s lower band and the midline within the previous two months. Nevertheless, the latest jump had the alt breaching the midline to enter a bullish territory, confirming buyers fight to outshine sellers.
Nevertheless, Helium will primarily depend on broad market sentiment. For now, bears dominate the cryptocurrency spectrum and seem ready to halt upside actions. The global cryptocurrency market cap remains well beneath the one trillion mark. While publishing this article, the cumulative digital assets value stood at $885.88 billion, losing 1.10% over the past day.
Meanwhile, the overall crypto market volume saw a 26.08% decrease within the previous 24 hours to $55.84 billion. Such developments confirm a downside path for the market. Helium will face uptrend hindrance amidst the prevailing market mood.
Editorial credit: FellowNeko / Shutterstock.com
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