The cryptocurrency market is showing shifts, and Helium (HNT) is no exception. Following a significant drop, HNT is demonstrating positive momentum.
Technical Analysis
According to the daily chart, HNT has undergone a 60% correction since December 16, 2024. This bearish movement pushed the price down to a crucial support zone around $3.02. Now, HNT has bounced back to $3.75 and is approaching key resistance at the 50-day moving average.
What's Next for HNT?
If HNT successfully breaks above the 50-day MA, it might trigger bullish momentum, with potential upside resistance at $5.73, $7.00, and further. Traders should watch the MACD indicator and Bitcoin's overall market trend.
Final Thoughts
Helium (HNT) is at a critical juncture, trading just below the 50-day MA resistance. If the historical pattern repeats, a breakout could signal a major recovery phase in the coming weeks. However, traders should remain cautious and watch for confirmation signals.
Helium shows promising signs of recovery, but close monitoring and analysis are required for informed investment decisions.
