Helium Price Analysis: HNT Records Massive 30% Increase Over The Last 24 Hours

Helium had one of its biggest surges during the current intraday session. The coin opened the period under consideration at $1.59. It saw a massive push from the bulls as they rallied the coin to break key levels it lost some weeks back.

Breaking the chart down, we see what transpired during the period under consideration. Using the 4-hour chart we observed that the uptrend started immediately the 24-hour cycle began. It kicked off slow with a small candle that grew in size as the activities continued.

The main surge to the peak started at noon when the coin hit a high of $2.23. The increase in price signified a more than 22% positive change. However, HNT met strong rejection at the mark and corrected.

It closed that 4-hour candle with gains of more than 17% as it held on to the$2 support. We noticed further attempts at reclaiming the high four hours later. This time, it failed as the cryptocurrency peaked at $2.20.

Nonetheless, we observed a more than 4% increase over the previous candle. At the time of writing, we noticed a small candle representing the current 4-hour segment. This is a sign that the momentum is gradually reducing.

What Triggered Helium Run?

Many wonder what triggered the sudden run. It is hard to pinpoint the reason as the HNT experienced massive bullish fundamentals over the last fourteen days. One of the biggest is its announcement that it is moving to Solana Blockchain during the first quarter of 2023.

The current surge could be in anticipation of this move. The chart offers another reason. A look at the daily chart showed that since Saturday, Helium was oversold. This comes as no shock as the coin experienced massive decreases during the previous intraweek session.

The rules of the Relative Strength Index state that an oversold asset is due for an uptrend. The current pump may be in response to this sentiment. Many are looking forward to how prices will play out. Let’s go over the key levels to watch

Key levels to Watch

Vital Support: $2, $1.9
Vital Resistance: $2.2, $2.4, $2.6

Based on previous price movements, we may expect another attempt at various resistance before the end of the week. The first level to watch is the $2.2 barrier. Although it flipped it a few hours ago, it faced massive retracement at the mark.

For HNT to gain stability above it, we may expect a push as the previous. This will guarantee a flip and an attempt at the $2.4 resistance. We may also conclude that retest of the $2.4 barrier comes with its effects.

We may expect that in response, the asset may experience notable retracements. The toughest resistance on the list is the $2.6. It remains to be seen if it will crumble this week, nonetheless, it may maintaining bullish sentiment may guarantee a test.

In the event of a bearish takeover, the first support to watch closely is the $2 barrier. It held against previous trials but flipped after several tests. If it fails, the next mark to watch is the $1.9 support.

It is important to keep prices above this mark as failure to do so may result in further downtrends that may see helium dip as low as $1.5.