Despite a broader market weakness observed in top altcoins, colder than anticipated after the release of Ethereum ETF, the altcoins are in a jiffy. Amid the rising volatility, Helium’s HNT token price teases a massive surge with a breakout run.
With the altcoin concluding the correction phase and a new bullish pattern, the sharp recovery phase challenges a critical supply zone. Will the bullish trend in the HNT price hit $8 in July?
Trendline Break For Helium Surpasses $5
With a bullish reversal from the $3 demand zone, the HNT price surge accounts for a 75% jump within 12 days. The bull run in Helium accounts for a streak of green candles and surpasses the resistance trendline in the daily chart.
TradingView
The bounce back from the demand zone surpasses the critical 50D and 200D EMA to reclaim the $5 mark. Currently, the HNT price trades at $5.309 with an intraday gain of 0.97%, teasing an uptrend continuation.
The recovery rally challenges the next supply zone at the $5.50 level and results in a higher price rejection. The long-wick formation reveals massive supply pressure above the $5.50 zone and warns of a bearish reversal.
Technical Indicators:
MACD: The ongoing recovery rally in the HNT price leads to a positive crossover in the MACD and signal lines. Further, the bullish histograms resurfacing in the daily chart signal a surge in demand.
EMA: The uptick in the 50D EMA heading towards the 200D EMA teases a potential golden crossover event, signalling a trend reversal.
Where Is HNT Price Headed?
With the bullish breakout of the trendline and the HNT price reclaiming the $5 mark, the underlying demand is increasing. Considering that the broader market will recover, the Helium price bull run will surpass the supply at $5.
Helium HODLers can anticipate the bullish breakout rally to reach the next high supply point at the $8 mark.