Helium’s 14% Surge Puts HNT in the Spotlight: Can It Reach $10?
HNT price continued to rise and is now close to its previous high. Can the momentum persist and push the price to $10?
Key Takeaways
- Helium gained 26% last week despite market turbulence.
- HNT is approaching its $8 high, with $10 potential next.
- Wave 5 pattern suggests more upside after a recent retracement.
In a week marked by turmoil, the cryptocurrency market slumped 12%, with the downturn accelerating over the weekend and accounting for 5% of the loss.
Yet, Helium (HNT) bucked the trend, its value climbing 26% since Aug. 26, with a notable 14 percent gain over the weekend.
As Helium inches closer to its Aug. 17 peak of $8, investors are closely watching the asset’s ascent, with some analysts predicting HNT could surpass $10 next.
HNT Price Analysis
Helium‘s price hit a yearly high of $11 in February before entering a bearish phase, forming a descending triangle that resulted in a low of $2.87 on July 5, marking a 75% decline.
After breaking out of a protracted decline, Helium’s price embarked on a 107 percent ascent, culminating in HNT’s July 24 high of $6.
HNT escape from a descending resistance line proved to be a turning point, marking the beginning of a nascent uptrend.
As expected, Helium’s subsequent pullback led to a retest of the 0.618 Fibonacci level, with the price falling to $3.45 on Aug. 5.
However, the fact that this correction held above the July low suggested that a bullish reversal was afoot, a notion reinforced by the ensuing rally.
Analysis of the cryptocurrency’s wave structure reveals that Helium’s price action is unfolding within a larger five-wave pattern, with the recent high just shy of $8 reached within the third wave.
After this increase, a corrective wave 4 led to a $6.20 target on Aug. 26.
The recent uptick from last Monday is seen as the initiation of wave five, potentially auguring significant gains ahead. Fibonacci extension projections, in particular, hint at a possible target of $10 should Helium’s upward momentum continue unabated.
Helium Price Up 12% in 24 Hours and 45% in One Week – Here’s Why HNT is On a Roll
