Healthy Retracement Hints $HNT Rally to Chase $12.5

Helium is making waves after a long hibernation phase and ranking in the top performers. With the growing signals of a new bull run in 2024, the YTD growth of 391% the Altcoins eyes the $10 mark. This sharp increase in demand suggests a potential uptrend continuation with a price action pattern teasing a prolonged rally.

Also Read: Here’s What Happened To Bitcoin & Crypto Market In 2023

Will Market Correction Delay The Helium Run To $10

• A long-tail rejection candle on December 23rd reflects the buyers continue to accumulate at market dips
• A healthy retracement in Helium price hints the overall trend remains bullish
• The intraday trading volume in Helium is $47.5 Million, indicating a 29% gain.

Making a rounding recovery in a long time frame, the Helium price signals a trend reversal after months-long hibernation. Finding the excessive momentum in the Altcoin season, the price of Helium skyrocketed 416% in the past three months. 

With the recovery phase forming a rounding bottom, the price action analysis signals a trend continuation. Supporting the trend reversal, the rising trend in trading volume signals a peaked bullish interest.  

With a 375% jump to test the neckline, the bullish breaks extended the uptrend by 78%. However, the uptrend takes a short-term pullback from the $9 mark resulting in a 39.6% correction. 

With a successful retest of $6.8, the lower price rejection reflects a bullish drive in Helium. Currently, the HNT price trades at $7.58 with an intraday growth of 1.93%. 

If the Helium price rebounds from its current position, this could indicate a revitalization of the previously waning bullish momentum, potentially laying the groundwork for the next stage of recovery. 

Therefore, the bounce back in Helium can propel the HNT price higher to cross $10 and reach the $12.57 mark. 

Helium’s Potential Surge in 2024 & Breakout Signals 

Beyond the short-term correction, the long-term movement and dynamics support the bullish trend continuation possibility for helium. With anticipations high around bitcoin having a bullish 2024 due to halving and Spot ETF approval, Altcoins like Helium are expected to gain momentum. Furthermore, the breakout of key levels notches up the credibility of a bull run per technical analysis. 

• Exponential Moving Average (EMA): The Helium price bounces from the 20-day EMA with a successful retest.  
• Moving Average Convergence Divergence: A potential bearish crossover between the MACD(blue) and signal(orange) lines could accelerate selling pressure.