HNT Technical Analysis: Reversal Rally Skyrockets 20% Today

HNT prices sustain above the $8 mark and surge 20% today, forming a bullish engulfing candle to surpass the $10 mark. Will the reversal rally reach $12? Key technical points: The market price has increased 25.50% over the past 24 hours. The price action shows a bullish engulfing candle struggling to close above $10. The 24-hour trading volume of Helium is $91.09 Million, indicating a hike of 80%. Past Performance of HNT Succumbing to the global bear market, HNT prices took a nosedive under the $10 mark after struggling to sustain above the 50-day EMA. The downfall comes with a tweezer top formation near the $12 mark and falls 35% in four days. The free fall brings market value to $8 by the end of Monday. However, today we see a bullish surge of more than 20% resulting in the engulfing candle, indicating the high possibility of an uptrend continuation. Source- Tradingview HNT Technical Analysis The sudden and intense increase in trading volume reflects a rise in demand for HNT as it coincides with the price jump. Hence, traders can expect the long-term trend to be bullish if the buying pressure sustains over the week. The MACD indicator displays the fast and slow lines avoiding a bearish crossover and returning to the bullish alignment with an increase in spread. In addition, the growth of bullish histograms is a sign of an increase in demand for Helium tokens. The RSI slope displays a sharp V-shaped turnaround before reaching the oversold boundary to challenge the 14-day SMA and the halfway line. Thus, the RSI indicator shows a sudden growth in underlying bullishness, adding some points to the bullish reversal rally. Thus, the indicators showcase a rise in bullish reversal trend momentum, supporting the price action analysis suggesting an uptrend continuation. In a nutshell, the HNT technical analysis predicts a high likelihood of the reversal rally surpassing the $12 mark. Upcoming Trend Suppose the reversal closes above the $10 mark; the HNT prices will soar higher to the $12 mark. Resistance Levels: $10 and $12 Support Levels: $8 and $6.25

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