Helium price is up 11.81% today, making it the third biggest gainer on Crypto.com, following Bluzelle and Decentraland. At the time of writing, Helium is trading at $54, which was an ATH that Helium hit 3 times in the past week.
Let’s take a look at what might be causing HNT’s recent price hike, and whether the market can break through the current resistance and set a new all time high.
Why Is Helium Price Rising?
We reported about HNT last week, when Dish announced their partnership with Helium Network.
In response to the announcement, HTN’s price peaked at $50, setting a new all time high.
Since then, there have been multiple bull runs, each failing to break through the $50 resistance level.
Source: Coingecko
Looking at this HNT price chart for the past week, we can see higher peaks, and higher troughs, creating the uptrend.
However, depending on who you ask, some might call this a “multiple tops” reversal pattern.
According to Investopedia, here are a few takeaways from a multiple tops signal:
- Multiple tops refer to a reversal pattern used by professional traders who are looking for signals to sell or short the security they are tracking.
- Multiple tops occur when the security hits this high in roughly the same area several times a day or weeks apart.
- Eventually, the security will be pushed through the lower support level established, confirming the presence of the multiple tops pattern.
Whether HNT will continue its bullish run, or see a reversal soon, is impossible to tell simply via technical analysis. Bitcoin and Ethereum’s price are a big influence on every cryptocurrency, including Helium.
The long term projection on Helium is positive, simply for the fact that HNT has a working product and a functioning ecosystem. As Binance CEO said it best: “If you can’t hodl, you won’t be rich.”
This is not trading or investment advice. Always do your own research before purchasing any cryptocurrency.
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