The broader weaknesses of cryptography are now pulling down many altcoins like helium. However, the coin seems to show some resilience in the wake of today’s crash. Most major coins have already fallen by double digits in the last 24 hours, but HNT keeps losses below 10%. However, a more promising bullish setup can cause a large rally of 85%.Here are some pointers
Helium forms a pattern of cups and handles, suggesting that Brulan is imminent.
However, the coin needs to flip $ 8.44 to support from resistance
If this happens, a decisive break towards $ 12.5 could come weeks ahead.
Data source: TradingView
Helium bullish setup
Here are three important factors that determine whether an HNT will be corrupted. First, so far, the market seems to be collapsing. Also, as investors temporarily moved away from cryptocurrencies, trading volumes plummeted. As a result, sentiment can be slow, which impacts HNT’s ability to integrate prices beyond critical support.
Remember that the bulran only occurs when the coin regains support for $ 8.44 and turns off the bear. This may not happen if the current weakness of the market continues. In fact, HNT could plummet to its April lows of $ 6.59.
But nevertheless, the coin shows some impressive elasticity. If dip buyers enter the market after today’s crash, we can realistically see a scenario where HNT is targeting $ 12.5 and then $ 16.6, depending on the momentum of the rise.
How fast does HNT turn around?
The good news about HNT is that it’s actually not far from the $ 8.44 support. Coins only need a 5% uptrend, that’s it.
The only challenge is to keep the price action above $ 8.44. All in all, coins can reach $ 12.5 in about three months or so.