The crypto market’s recovery attempts have culminated in more losses. With the fear sentiment overhanging across the digital assets, the broader market cap value has dropped by over 2.17%. The largest assets, like Bitcoin (BTC) and Ethereum (ETH), are trading on the downside, at around $87.3K and $2.9K. Will the bears hold strong and send prices back to their former lows?
Among the altcoins, Helium (HNT) has registered a 4.18% surge, which has triggered the momentum to stay ambiguous. The asset’s lowest price of the day was noted at $1.47, and with the recent bullish wave, the HNT price has mounted to a high of $1.60. A stronger bullish push may open the door to additional upside.
According to the CoinMarketCap data, at the time of writing, Helium traded within the $1.57 range, with its market cap staying at around $293.18 million. In addition, the daily trading volume of HNT has increased by over 31.07%, reaching the $6.91 million zone.
Helium Price Outlook: Rally, Retrace, or Range-Bound?
Upon the Helium chart lighting up more green candles, the price might rise to the $1.63 resistance. If the correction on the upside strengthens, it will wake the golden cross and push the asset’s price above the $1.69 threshold. Assuming a bearish reversal, the price chart would turn red and push it to slip to the nearest $1.51 support. Additional loss might initiate the formation of the death cross and drive the Helium price toward the $1.45 level or even lower.
The MACD line of Helium is above the zero line, but the signal line is below zero, implying a mixed momentum scenario. The short-term trend is gaining strength, but the broader trend is still weak, trying to recover from bearish pressure. Besides, the CMF indicator at 0.16 points to strong buying pressure in the HNT market. Money is flowing into the asset, showing accumulation, and sustaining this level supports further upside momentum.
Helium’s RSI is found at 64.37, indicating a strong bullish presence, and it may approach the overbought zone. The buyers remain in control, though a short-term consolidation could occur. Moreover, the BBP value of 0.135 suggests moderate dominance of the bulls; it may also help improve the momentum. If it continues rising, it could support further upside, while a move back toward zero would signal weakening strength.
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