Healthy retracement hint $HNT rallies to chase $12.5.

Helium is making waves after a long hibernation phase and is ranked among the top performers. With growing signs of a new bull market in 2024, the altcoin is eyeing the $10 mark with 391% YTD growth. This sharp increase in demand, coupled with a price action pattern that portends a prolonged rally, suggests that the potential upward trend may continue.

Also Read: Here’s What Happened to Bitcoin and Cryptocurrency Markets in 2023.

Market Correction Delayed Helium Price to Rise to $10

• The long tail rejection candle on December 23rd reflects buyers continuing to accumulate even as the market declines.
• A healthy retracement in helium prices suggests the overall trend remains bullish.
• Helium’s intraday trading volume was $47.5 million, representing a gain of 29%.

Helium prices, showing a rounding recovery over a long period of time, indicate a trend reversal after several months of hibernation. Finding excessive momentum from altcoin season, the price of Helium has surged 416% over the past three months.

Analysis of price action indicates a continuation of the trend as the recovery phase forms a rounding bottom. An upward trend in volume supporting a trend reversal is a sign that bullish interest has peaked.

A bullish break of 375% to test the neckline extended the uptrend by 78%. However, the upward trend led to a short-term pullback near the $9 level, resulting in a 39.6% correction.

The low price rejection following a successful retest of $6.8 reflects the strength of Helium. Currently, HNT price is trading at $7.58, up 1.93% intraday.

If helium prices rebound from where they are now, this could mean that previously waning bullish momentum is revitalized, potentially laying the groundwork for the next phase of recovery.

Therefore, a rebound in helium could push the HNT price above $10 and reach the $12.57 level.

Potential surge and breakout signal for helium in 2024

In addition to short-term corrections, long-term movements and dynamics support the sustainability of Helium’s bullish trend. As expectations rise for a bullish 2024 for Bitcoin due to the halving and spot ETF approval, altcoins like Helium are expected to gain momentum. Additionally, a breakout of a key level increases the credibility of a bull market according to technical analysis.

• Exponential Moving Average (EMA): Helium prices rebounded from the 20-day EMA following a successful retest.
• Moving Average Convergence Divergence: Selling pressure could accelerate due to a potential bearish crossover between the MACD (blue) and signal (orange) lines.