Helium (CRYPTO:HNT), the native token of the Helium network, has recently shown strong performance in the cryptocurrency market.
Over the past week, HNT has gained 14%, and over the past month, it has surged by 59%, leading the market in terms of gains.
At its current price of $7.56, the token is trading above significant technical indicators, suggesting a bullish trend.
According to technical analysis, HNT is currently positioned above both the Leading Span A and B of the Ichimoku Cloud, a technical indicator used to identify market trends and support levels.
When an asset trades above these levels, it is often seen as a bullish signal, indicating potential upward momentum.
Additionally, HNT has also surpassed both its 20-day exponential moving average (EMA) and 50-day simple moving average (SMA).
The 20-day EMA reflects the average closing price of the asset over the past 20 trading days, while the 50-day SMA provides a longer-term perspective, representing the average closing price over the past 50 days.
The fact that HNT's price is above both these moving averages signals a strong bullish trend, with both short-term and medium-term momentum aligned for potential gains, based on technical analysis.
Analysts are optimistic about HNT’s future.
According to a crypto analyst known as AMCryptoAlex, HNT could reach $20 by the first quarter of 2025.
This forecast is based on increasing adoption and a token burn mechanism that reduces HNT's circulating supply, which could further support the token's price.
If the current uptrend continues, the price could rally to $7.92.
However, any minor pullbacks could see HNT testing its support levels at $6.84 or even lower.
Overall, the technical outlook and market sentiment around Helium suggest a potential for further gains, with an eye on critical support and resistance levels for future price movements.
At the time of reporting, the Helium (HNT) price was $7.56.