Helium (HNT) Price Aims for 20% Surge: Is It A Buy For Investors?

Helium (HNT) price saw a bounceback of over 20%, approaching a critical resistance level of $7 this week. Fueled by the improved market sentiment, HNT price targeted a reversal in the coming sessions.

Its upward price movements assessed on a daily chart reveal the formation of a bullish flag pattern. That hinted at a possibility of a 20% surge in the altcoin’s value soon.

A bullish flag pattern forms when a strong upward price movement is followed by a consolidation period. This resembled a minor retracement. This pattern suggested that buyers are temporarily pausing before continuing the uptrend.

Helium (HNT) Price Prediction: Roadmap To $10

Helium price prediction directed a bullish outlook. The altcoin price stayed above the key EMAs and edged closer to a breakout.

In a recent tweet on X, Nology said that HNT crypto has completed the 2nd correction wave. It was ready for an upward movement to complete the 3rd rising wave.

#HNT [Update]

It’s been a long time since I’ve posted on $HNT.

Still a very strong coin here imo. After a completed 1 in March, and lesser degree back in September, we’re on our way to push onto wave 3.

It’ll be great for one of the first in the #DePin space. https://t.co/6du7E4b89P pic.twitter.com/to6padq6En

— Nology (@nology3000) October 24, 2024

The Helium (HNT) price traded at $6.97 at press time, noting an intraday drop of over 0.78%. Over the past seven days, the altcoin’s price has surged over 20% and gained bullish momentum.

It boasts a market cap of $1.19 Billion and has a total supply of 170.47 Million. The pair of HNT/USDT was trading at 0.000104 BTC. The Relative Strength Index (RSI) line stayed close to the midline region, around 52. That displayed a slightly bullish cue.

HNT Price Chart | Source: TradingView

The chart showed a successful bullish flag pattern breakout above the $7.20 mark. If this happens, the HNT price could see a 20% surge toward the $9 mark. It may reach the $10 mark in the coming sessions.

However, the Chaikin Money Flow (CMF) reading sharply recovered from the lower levels and reached the zero line. It reflected that significant liquidity was entering the market.

Daily Active Addresses Suggest Bullish Cues

This week, the daily active addresses data spiked and surged to 16.4k. It means that market participants have gained interest in Helium.

Daily Active Adresses | Source: Artemis

Per the Fibonacci retracement levels, the Helium (HNT) price has recently reverted from the 61.8% zone. It bounced off from the 200-day EMA mark, completing the 2nd Elliott wave correction cycle. The 3rd rising wave was imminent, which could push the HNT price toward the $10 mark.

What Does Futures Market Data Say?

The OI-weighted funding rate data witnessed that traders are positioning for a price increase. At press time, the funding rate was noted to be around 0.0093%.

Funding Rate | Source: Coinglass

Typically, the funding rate provides a balance between longs and shorts. The funding rate remained positive for the last two weeks, conveying a bullish sentiment.

Simply put, a high positive funding rate coincides with boosting confidence in a coin’s price increase. The immediate support zones for HNT crypto were $6.60 and $6.00. At the same time, the upside barriers were $7.20 and $8.

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