Helium price flips crucial resistance, pointing to more upside
Helium continued its strong rally this week, making it the best-performing major token in recent weeks.
HNT token crosses key resistance point
Helium (HNT) rose to a high of $8.35, its highest level since March 14, surging by over 182% from its lowest point in July. Helium has risen by 82.6% in the last 30 days, outperforming all coins in the top 100 by market cap.
Helium, a leading player in the decentralized physical infrastructure networks industry, has gained momentum recently after revealing that its network was being tested by two major telecommunication companies in the United States.
The tests involve the carrier offload program, where carriers redirect traffic to Helium’s network during congestion. The testing has reportedly attracted nearly 600,000 subscribers who have transferred over 13.1 terabytes of data.
Helium token also jumped after the network expanded to Puerto Rico and after Anchorage Digital added HNT to its self-custody wallet.
Meanwhile, the volume of Helium traded in exchanges continued rising, averaging over $25 million a day. The futures open interest jumped to a high of $10 million on Sep. 5, its highest point since January. This is notable since Binance delisted HNT’s futures earlier this year.
Helium crossed a key resistance
Helium rose above the key resistance level at $7.9827 on Thursday as the bull run continued. This was an important level since it was the highest swing in August and the upper side of a potential double-top pattern, a popular reversal sign.Â
Importantly, Helium formed a golden cross pattern on Aug. 13 as the 50-day and 200-day Exponential Moving Averages crossed each other. A golden cross often leads to substantial gains.
In Helium’s case, the previous golden cross happened in November 2023, leading to a 362% rally to $11.
HNT also rose above the strong pivot reverse point of the Murrey Math Lines. Therefore, the next level to watch will be the ultimate resistance at $9.37, 15% above the current level.
