HNT, the token powering the Helium network, has seen a 14% price increase over the past week, making it the top-performing asset in that period.
Currently trading at $7.51, the altcoin has surged by 59% in the last 30 days and appears ready to continue its upward momentum. An analyst even predicts that HNT could reach $20 by the first quarter of 2025, highlighting the token’s growing appeal.
Helium Bulls Take Charge of Market Affairs, Relegates the Bears
At its current price, HNT is trading above the Leading Span A and B of its Ichimoku Cloud, a key indicator of trends and support levels. When an asset’s price is above these levels, it’s a strong bullish signal.
Additionally, HNT’s double-digit surge over the past month has pushed its price above both the 20-day exponential moving average (EMA) and the 50-day simple moving average (SMA).
An asset’s 20-day EMA tracks its average closing price over the past 20 trading days. The 50-day SMA, on the other hand, is a longer-term moving average, reflecting the asset’s average closing price over the past 50 days.
Read more: Top 8 Helium (HNT) Wallets to Consider in 2024
When an asset’s price is above both the 20-day EMA and the 50-day SMA, it typically signals a strong bullish trend, indicating that both short-term and medium-term momentum are aligned in favor of higher prices. Traders often consider this setup as a potential buy signal.
HNT Price Prediction: Token To Gain by 166% By First Quarter of 2025
In a recent post on X (formerly Twitter), crypto analyst AMCryptoAlex predicted that HNT’s price will rise to $20 by the first quarter of 2025. He attributed this potential growth to the increasing adoption of HNT, which could drive demand and push prices higher.
Additionally, the Helium network’s token burn mechanism actively reduces the circulating supply of HNT. This might further support the token’s price increase. If the current uptrend continues, HNT could rally to $7.92.
Read more: Helium (HNT) Price Prediction 2024/2025/2030
However, any minor pullback could cause HNT’s price to drop to its 20-day EMA support at $6.84. If this level doesn’t hold, additional support might be found at the Leading Span A at $6.64 or the Leading Span B at $5.66.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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Abiodun Oladokun
https://beincrypto.com/helium-hnt-tops-market-gains/
2024-09-02 21:30:00
