Helium (HNT) Soars Nearly 20%, Today’s Biggest Gainer
HNT is the biggest gainer today, increasing nearly 20% from yesterday's low. Can the uptrend momentum lead to $11?
Key Takeaways
- Helium (HNT) surged 37%, bucking the overall market downtrend.
- HNT is approaching its $11 yearly high from February.
- Wave structure suggests potential for a $10 target if the uptrend continues.
Cryptocurrency markets experienced notable turbulence last week, losing 12% between Monday and Sunday. The downtrend continued over the weekend, contributing 5% of the overall loss. Despite this bearish environment, the Helium (HNT) price showed resilience, remaining in an uptrend and rising almost 20% since yesterday.
Since Monday, Aug. 26, Helium has surged by nearly 37% and is the biggest crypto gainer today. As it edges closer to its all-time high area of around $11, is the momentum decisive enough to make a revisit?
Helium Price Analysis
Helium reached its yearly high of $11 in February before entering a bearish phase. It formed a descending triangle that led to a low of $2.87 on July 5, representing a 75% decline.
HNT began an uptrend from that low, breaking through the descending resistance and climbing to $6 by July 24, marking a 107% recovery. After entering overbought territory, a retracement to the 0.618 Fibonacci level was expected. On Aug. 5, the price dipped to $3.45, still a higher low than in July, suggesting the beginning of a bullish phase, which was later confirmed by another upward movement.
The wave structure indicates that HNT was in wave 3 of a larger five-wave pattern, reaching the 1.272 Fibonacci extension just below $8. Following this, corrective wave 4 lowered the price to $6.20 by Aug. 26.
Today’s spike to $8.37 was higher than on Aug. 18, further hinting at an ongoing uptrend. Given its recent surge, the current rise represents the final wave 5, with potential for further gains. If the pattern continues, the next likely target is around $10, as projected by the Fibonacci extension tool. The momentum could continue past this area, leading the price to revisit its all-time high below $11.
However, since this would be the ending wave, HNT should make a sharp downturn after encountering resistance at its all-time high.
Helium Price Up 12% in 24 Hours and 45% in One Week – Here’s Why HNT is On a Roll
