Overall market volatility increased overnight as Bitcoin fell by 2% and long position liquidations rose to nearly $100 million last night. Amid the increasing volatility, HNT price continues to rise despite the bearish current, recording a 12% increase.
With a bullish engulfing candle, Helium is aiming for a breakout to a new 52-week high this week. Is this the uptrend to buy for a breakout rally above $10? Let’s find out.
HNT price triggers overnight bull cycle
With a market cap of $1.14 billion, Helium is ranked 59th in the crypto market. However, as a top performer in the broader market recovery, the HNT price is aiming to break above $10 this year.
The daily logarithmic chart of HNT price shows a falling channel breakout in the short term. With an uptrend over the last 45 days, the altcoin is up 127% since July 12.
The growing bullish influence has resulted in a golden crossover between the 50-day and 200-day exponential moving averages. Based on the Fibonacci level, the channel breakout rally is consolidating between the 78.60% and 61.80% Fibonacci levels.
In terms of price action levels, the consolidation extends from $6.22 to $7.684. HNT price has overcome the recent negative cycle, rising by 12.29% overnight and is currently trading at $7.08, with an intraday growth of 1.30%.
As the uptrend continues, the bulls may soon challenge the overhead resistance and start a breakout rally. The uptrend in the daily RSI line also continues, increasing the chances of a breakout rally.
Key values for helium
Based on the Fibonacci levels, the upcoming resistances are at 100% and 1.618 at $10.053 and $21.847 respectively. Conversely, the Fibonacci levels at 50% and 38.20% will help sustain the rally. The said Fibonacci levels are at $5.365 and $4.626 respectively.
