Helium (HNT) Looks Ready To Rally
Helium Gains Upside Momentum After Major Pullback
Helium, which is a decentralzed network for IoT devices, has once again attracted market’s attention, and its token is moving higher.
HNT reached all-time highs back in November, at a time when many coins enjoyed an influx of investors’ money. However, it lost momentum and pulled back by more than 50% before finally finding enough support to start a rebound.
HNT has already shown signs of strength yesterday, as the coin began to move higher at a time when leading cryptocurrencies lacked upside momentum. Currently, Helium is ranked 41 in the top-list of biggest coins with a market capitalization of 3.7 billion, and the continuation of the current upside trend may push it to the top-40.
Helium Managed To Settle Above The 50 EMA
HNT found support near $30.00 and moved above the 50 EMA which is located at $34.00. It has already managed to settle above this level and is testing the next resistance level at $36.50. RSI remains in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.
In case HNT settles above the resistance at $36.50, it will gain additional upside momentum and head towards the resistance at $39.00. A move above this level will push HNT towards the resistance at $40.50.
On the support side, the previous resistance level at the 50 EMA will serve as the first support level for HNT. A move below this level will be a disappointing development for HNT bulls as it will show that HNT failed to develop sustainable upside momentum.
If HNT declines below the support at the 50 EMA at $34.00, it will move towards the next support level which is located at the recent lows at $30.00. A successful test of this level will push HNT towards the support at $27.50. If HNT declines below $27.50, it will head towards the next support at $25.50.
Taking a look at H1 chart, we can see that HNT immediately gained upside momentum after it managed to get out of the previous downside channel. The recent attempt to pull back, which was stopped near $30.00, was met with strong buying. While HNT quickly moved from $30.00 to $36.50, RSI has mostly remained in the moderate territory, which is bullish for the near-term outlook for HNT price dynamics.
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