Will IoT fuel a new rally for ATH?
Based on the Solana chain, the Helium crypto token has taken the market by storm over the past few days. With a primary focus on providing low-cost broadband services with the help of blockchain technology, the Helium project is setting a new benchmark in the industry.
What's more, the 57th largest cryptocurrency has surpassed all major currencies on the 1st page. This highlights the acceptance of this altcoin in the market.
HNT Price Forms Expansion Channel Pattern!
Despite the ~12% correction last week, helium prices have formed an expanding channel pattern on the 1D time frame. Additionally, it rose more than 143% in 72 days, resulting in a return to the $8 mark in the first half of September.
It also increased ~1% in the previous day with a turnover of $14.64 million. Moreover, it has a year-to-date (YTD) return of 4.98%. With the recent price trend, this altcoin suggests a positive outlook on long-term prospects.
The Moving Average Dependent Divergence (MACD) has shown a rise in the red histogram. This indicates an increase in sales pressure. Moreover, the averages show a negative trend this week, indicating a short-term correction.
Moreover, the SMA indicator acts as a resistance for the Helium price chart in the 1D time frame.
How high does helium rise?
Suppose, a bullish reversal occurs, in which case, the price of HNT will retest the $8 resistance level. Additionally, if the bullish sentiment strengthens amid rising interest in IoT, this could lead to a high of $9.50 this month.
On the other hand, if the bears continue to beat the bulls, the helium token may test the support level of $6.525. If the bulls fail to recover at that time, HNT crypto may drop to the lowest support level at $5.155.
To find out when helium prices will achieve a new ATH, read the 2024-2030 Helium Price Forecast.
