Cryptocurrencies

Could HNT Price Break the $10 Barrier in May? – Crypto Chronicle’s Exclusive Analysis

Failing to maintain any positive momentum in recent weeks, the Helium price trend is showing signs of a potential breakout. As the HNT price moves away from the $4.25 support level, buyers are testing the resistance trendline, hinting at a possible breakout.

Although bearish pressure can be seen in the 1-day HNT price chart, there are indications of a market-wide turnaround that could lead to a breakout rally. Could this reversal push Helium towards a breakout to $10? Learn more in our HNT Price Prediction.

Helium Price Performance

With a market cap of $789M, Helium is just barely in the top 100 cryptocurrencies. Despite a bearish trend in recent weeks, the HNT price has dropped by 11.28% in the last 30 days, erasing the gains made in late 2023 and forming a falling channel pattern. Tradingview

Despite the bearish pattern, the 10% increase in the Helium price from the $4.25 support level suggests a potential breakout. The bullish momentum is challenging the overhead trendline and the possibility of a death cross. Currently, the HNT price is trading at $4.90 with a daily gain of 3.90% and appears poised to break above the $5 mark.

RSI indicator: The daily RSI line has slightly declined but remains close to the midpoint.

EMAs: The important 50-day and 200-day EMAs are close to forming a death cross.

Will HNT Price Reach $10?

As the reversal rally gains strength, the HNT price is looking to pivot and resume its bullish trend. The potential breakout from the falling channel, supported by a recovering market, increases the likelihood of a new bull run. According to price action, the breakout rally could potentially reach the $10 level with the built-up momentum. However, resistance could be encountered at the $6 and $8 supply zones. Conversely, a continuation of bearish sentiment could threaten the $4.25 support level.

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