HNT price continued to rise and is now close to its previous high. Can the momentum persist and push the price to $10?
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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.
HNTUSD | Credit: Nikola Lazic/Tradingview
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.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis.
Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information.
