Date: Sun, February 23, 2025 | 02:39 PM GMT
In the cryptocurrency market this week, major altcoins are showing mixed signs of recovery after facing a significant correction over the past 60 days. Bitcoin’s dominance has cooled down to 60.80% from a weekly high of 61.52%, creating room for altcoins to regain lost ground.
Following this trend, Helium (HNT) has shown early signs of recovery, surging 7% today after experiencing a sharp 48% decline over the past two months.
Technical Analysis
Looking at the daily chart, HNT has undergone a significant correction of over 60% since December 16, 2024, when it was rejected at the $10.00 resistance level. This bearish movement pushed the price down to a critical support zone around $3.02, where buyers stepped in to defend the level.
Now, HNT has bounced back to $3.75 and is approaching a key resistance at the 50-day moving average (MA). A similar pattern was observed in mid-2024 when HNT rebounded from a strong support zone and broke above the 50-day MA, leading to a 236% rally in the following months.
Currently, HNT is showing a comparable setup. The price is rebounding from a major support zone and is approaching the 50-day MA resistance. If a breakout above this level occurs, it could signal the start of a recovery rally similar to mid-2024.
What’s Next for HNT?
If HNT successfully breaks above the 50-day MA, it could trigger bullish momentum, with potential upside resistance of $5.73, $7.00, and further a move above 100 MA could add bullish momentum.
Traders should watch the MACD indicator, which is starting to show early bullish signs, as well as Bitcoin’s overall market direction, which could influence HNT’s next move.
Final Thoughts
Helium (HNT) is at a crucial inflection point, trading just below the 50-day moving average resistance after bouncing off a key support level. If the historical pattern repeats, a breakout above this MA could signal a major recovery phase in the coming weeks.
However, traders should remain cautious and watch for confirmation signals before entering any positions.
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