Bitcoin Dominance fell under 40% at the same time as Bitcoin whales fought to provoke a liquidation cascade at Bitcoin’s near-term vary lows. Taken collectively, this meant that altcoins have been more likely to be robust within the near-term and powerful altcoins may register speedy good points. Helium was one such coin. It flipped a key degree from resistance to help, and consumers have been more likely to push the costs a lot larger within the days to come back.
Supply: HNT/USD on TradingView
The Fibonacci retracement ranges have been plotted for Helium’s swing low at $29.9 and swing excessive at $43.5. Over the previous two weeks, HNT appeared to bounce between the highs at $42 and the 50% retracement degree help at $36.
This established a spread for HNT. Over the previous week, HNT has fashioned larger lows and pushed larger. The bulls succeeded in pushing HNT previous the $42.2 mark and retested it searching for consumers.
The buying and selling quantity was excessive on the retest, displaying that demand was robust.
The Fibonacci extension ranges at 27.2% and 61.8% introduced worth targets for the bulls and are locations the place the bullish transfer would meet some resistance.
Rationale
Supply: HNT/USD on TradingView
On the value charts, the 21 SMA (orange) crossed above the 55 SMA (inexperienced) that means current momentum has been strongly bullish. The RSI was additionally nicely above the impartial 50 degree, and a price above 60 typically signifies robust bullish momentum as nicely.
A bearish divergence might be seen if the RSI doesn’t make the next excessive whereas the value does make the next excessive. Nevertheless, this may solely see a minor dip and presumably not even take HNT again to the $42.5 space.
Conclusion
On shorter timeframes akin to hourly and 4-hour, the value appeared strongly bullish. It climbed previous a key degree at $42.2 and has additionally been retested to seek out help. The bears had flipped it to resistance in late November as they aggressively offered off an HNT rally to $54. Now, bulls appeared stronger and the value was more likely to rise to the $47 resistance space.
