The broader market volatility increased overnight as Bitcoin fell 2%, and the long liquidations spiked to almost $100 million last night. Amid increasing volatility, the HNT price continues to soar against the bearish tide with a 12% surge.
With a bullish engulfing candle, Helium eyes a breakout run for a new 52-week high this week. Is this the upcycle to buy for a breakout rally beyond $10? Let’s find out.
HNT Price Ignites Overnight Bull Cycle
With a market cap of $1.14 billion, Helium ranks #59 in the crypto market. However, as a top performer in the broader market recovery, the HNT price eyes the $10 breakout this year.
The daily logarithmic chart of the HNT price reveals a falling channel breakout in the near term. With a bullish trend over the past 45 days, the altcoin has increased by 127% since July 12th.
The growth in bullish influence has resulted in a golden crossover between the 50-day and 200-day exponential moving averages. Based on the Fibonacci level, the channel breakout rally is consolidating between the 78.60% and 61.80% Fibonacci levels.
In terms of price action levels, the consolidation extends from $6.22 to $7.684. Overcoming the recent negative cycle, the HNT price has increased 12.29% overnight and currently trades at $7.08 with 1.30% intraday growth.
As the bullish trend continues, the bulls may shortly challenge the overhead resistance for a breakout rally. The uptrend in the daily RSI line also continues, bolstering the chances of a breakout rally.
Crucial Levels for Helium
Based on the Fibonacci level, the upcoming resistances are at 100% and 1.618 levels at $10.053 and $21.847, respectively. Conversely, the 50% and 38.20% Fibonacci levels will help sustain the breakdown rally. The said Fibonacci levels are at $5.365 and $4.626, respectively.
