Helium (HNT) to Spike 12x, But Analyst Warns of Potential 20% Price Dip First: Here’s the Outlook

2024-8-9 12:15

The price of Helium (HNT) has increased by more than 70% in the past 4 days. The price ascent started when it bottomed at around $3.4 on Monday, August 5. Since then, it has been strongly bullish, following the positive market direction.

Quant Marven, a crypto analyst, made some technical analysis about the price direction of Helium. The analyst describes HNT as the hottest Solana play because it is showing a similar setup to Injective when it spiked by 15x in this bull market.

The analyst describes the movement as a zig-zag 5-3-5 pattern with a steep drop before it started to rally hard to the purple trend line in the chart, which was a short-term resistance.

On this ground, the analyst saw HNT pushing to $5 and then expects a retracement to the 3.82 Fibonacci level first before it recovers back to around $4.45 to attempt a breakout again.

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In the medium term, the analyst sees Helium spiking to $60, which is a 12x increase.

Quant supports his views with the growing traction that Helium is getting. The analyst thinks that this could support its fundamentals.

Helium Could Retrace From the Current Level

Helium is trading at $6 at the time of writing with the price still at a key resistance point which will be important for its continued growth. Its inability to break above the resistance could make the price retrace for a while.

The resistance has been holding the price since April, with the price bouncing off it at least five times in the past. This makes this level very critical for its growth. The inability to break above could make the price retrace to around $5 (approximately 20% from the current level).

Also, the Relative Strength Index is already at 68, which is a sign that it could enter the overbought level soon, and a retracement could be imminent.

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