Helium (HNT) price has become hot once again after months of downtrend. The native asset of the IOT network had a 26% surge yesterday. However, HNT price lost half of its gains today as the uncertainty increased in the crypto markets due to weak BTC price action.
On Thursday, BTC price broke below $30,500 once again. This leading cryptocurrency has been battling this level for the past three weeks but has failed despite repeated attempts. As a result, altcoins like Helium are facing headwinds. HNT plunged 14.8% during today’s trading session.
Why Did HNT Price Pump?
The recent increase in interest in Helium Network can be attributed to the HNT listing on Coinbase. This attracted a lot of short-term traders who pumped the price by more than 26% in a single day. However, the broader market sentiment was not in favor of such high-risk assets, so the pump started to fade.
Helium price is currently 56% down from its yearly highs and trading at just a fraction of its all-time high. The latest analysis reveals that the coin needs to overcome a couple of resistances on its chart to signal a proper bullish reversal.
Helium (HNT) Price Prediction July 2023
Technical analysis of the following HNT price chart reveals that the price has formed a falling wedge pattern. During yesterday’s pump, the price retested the upper trendline of this pattern but failed to break out. This rejection is the reason behind the pullback today.
Helium (HNT) price prediction can flip bullish if the price breaks above the $2.10 resistance in the coming days. A failure to do so can cause another retest of the bottom trendline of the pattern. In case of a bullish breakout, the price could surge as high as $5 in the coming months.
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