Based on the Solana chain, the Helium crypto token has taken the market by storm over the past few days. With a primary focus on providing low-cost broadband access with the assistance of blockchain technology, the Helium project is setting a new benchmark in the industry.
Moreover, the 57th-largest cryptocurrency has outperformed all the major cryptocurrencies on the 1st page. This highlights the increased adoption of this altcoin in the market.
HNT Price Forms An Expanding Channel Pattern!
Despite recording a correction of ~12% over the past week, the Helium price has formed an expanding channel pattern in the 1D time frame. Further, it has surged over 143% within 72 days, resulting in it reclaiming the $8 mark during the first half of September.
Moreover, it has added ~1% within the past day with a trading volume of $14.64 million. Moreover, it has a Year-to-Date (YTD) return of 4.98%. With the recent price trend, this altcoin hints at a positive outlook in the long-term prospect.
The Moving Average Convergence Divergence (MACD) has displayed an increase in the red histogram. This highlights an increase in the selling pressure. Moreover, the averages show a negative trend, suggesting a short-term correction this week.
Moreover, the SMA indicator acts as a resistance to the Helium price chart in the 1D time frame.
How High Will Helium Go?
Suppose, a bullish reversal occurs, in that case, the HNT price will retest its resistance level of $8. Furthermore, if the bullish sentiment intensifies, amidst growing demand in IoT, this could result in its heading toward its upper high of $9.5 this month.
On the other hand, if the bears continue to overpower the bulls, the Helium token could test its support level of $6.525. If the bulls fail to regain momentum at that point, the HNT crypto could plunge toward its lower support level of $5.155.
To find out when will Helium price achieve a new ATH, read out Helium price prediction 2024 – 2030
