Price Implications Of Helium Ecosystem Growth

Over the daily chart, the price has depicted significant trading activities. From 2023 last quarter, the price evolved by more than 700% gain, peaking at $11.160 from the $1.429 critical demand area by the first quarter of 2024.

Theron, the price action displayed instability, as HNT saw seamless sell-offs by profit takers of the market. After mid-February, HNT slipped for nearly 146 days, which created a falling wedge formation.

On the 15th of July month, 2024. The price broke out from the broader bullish sentiment. This breakout led to a higher-high spree.

The $3.3-$3.5 demand zone facilitated the current trend, as the Helium price was high at this level. Over the past week, consistent gains of 17% were recorded, while this month it stayed green with 57.27% gains.

The HNT price over the long term seems optimistic, as it remained above the 50-day and 200-day EMA band in August. The $8.45 and $9.47 seem like clear targets for the run ahead.

There’s a higher likelihood that the crypto will jump nearly 100%, reaching $14 by year-end.
However, if the price gets deflected from $8.0, then bears will take command eyeing $5.5 and $4.0 as support levels, respectively.