Helium is up 11.81 percent today, making it the third largest gainer on Crypto.com, trailing only Bluzelle and Decentraland. At the time of writing, Helium is trading at $54, an all-time high that Helium has reached three times in the last week.
Let’s look at what’s causing HNT’s recent price increase and whether the market can break through current resistance and set a new all-time high.
Why is the price of helium rising?
When Dish announced their partnership with Helium Network last week, we wrote about HNT.
In response to the announcement, HTN’s price reached a new all-time high of $50.
Since then, there have been several bull runs, each of which has failed to break through the $50 resistance level.
Looking at the HNT price chart over the last week, we can see higher peaks and higher troughs, indicating an uptrend.
However, depending on who you ask, this could be referred to as a “multiple tops” reversal pattern.
Here are a few takeaways from a multiple tops signal, according to Investopedia:
Multiple tops are reversal patterns used by professional traders to find signals to sell or short the security they are tracking. Multiple tops occur when security reaches this level in the same area several times a day or weeks apart. The security will eventually be pushed through the established lower support level, confirming the presence of the multiple tops pattern.
It is impossible to predict whether HNT will continue its bullish run or experience a reversal soon based solely on technical analysis. The prices of Bitcoin and Ethereum have a significant impact on all cryptocurrencies, including Helium.
The long-term outlook for Helium is positive simply because HNT has a working product and a functioning ecosystem. “If you can’t hodl, you won’t be rich,” said Binance CEO.
This is not investment or trading advice. Before purchasing any cryptocurrency, always conduct your own research.