The helium community has voted to change the ecosystem and move the Solana blockchain. As per the recent 81% majority vote to change the ecosystem, it will interact with other decentralized projects, Non-Fungible Token, and Web 3.0 applications through the Solana blockchain.
However, there has been no significant change in the HNT price seen since the vote, while the broader market context for the crypto market remained bearish.
Helium network uses a proof-of-coverage algorithm to reward users in a specific region. Participants who deploy hotspots can benefit miners and users without having a mining computer. Upon migration to Solana, the cryptographic number checks will increase, with an improvement to the coverage.
Let’s see the Helium Forecast Today from the Helium Price Prediction today:
Helium (HNT) Awaits A Symmetrical Triangle Breakout
HNT/USD has been trading under sellers' control as a 73% loss is seen from the July 2022 peak. However, the price has become corrective after reaching the 3.18 swing low from where the selling pressure has faded.
A strong buying pressure is clearly visible from the 3.18 low, eliminating the last 6 days' loss in just one daily candle. Moreover, the bullish Quasimodo formation made the 3.18 level a valid low, whereas the latest valid high is at the 7.69 level.
Considering the latest swing low and high, the current price is at a discounted level from where any buying opportunity could offer a good risk vs. reward.
The high volume level from September high to low moved below the current price, indicating a high volume purchase from bulls. The buying pressure is also supported by the dynamic 20 EMA level, which is an immediate support level.
The Relative Strength Index (RSI) rebounded from the oversold 30% area and moved beyond the neutral 50% level. However, the current price is trading within a symmetrical triangle, where a bullish breakout could work as a valid trend reversal.
Based on the Helium (HNT) Price Prediction, further bullish pressure and a daily close above the 5.45 resistance level could offer a bullish opportunity where the primary aim is to reach the 7.69 level.
The alternative approach is to find a bearish opportunity below the 3.71 level with a daily candle. It will represent a strong sellers’ presence in the market waiting for the price to reach the 2.00 area.
HNT/USD Ichimoku Cloud Analysis
The H4 price action shows a different outlook in the HNT/USD price. Although the current price is above the Kumo Cloud, there is no significant buyer interest in the market. Bulls found the price above the cloud area for the third time in September, but there is no higher high above this zone.
The future cloud represents the same story where the Senkou Span B, representing medium-term traders, is flat. Still, the Senkou Span A is above the B, indicating short-term buyers' activity in the market, but it should come with a solid combination.
Moving Average Convergence Divergence (MACD) is a solid momentum indicator representing buyers' and sellers' activity, which is also corrective. The current MACD Histogram is hovering at the neutral 0.0 level for a considerable time while the MACD line is above it. Meanwhile, the dynamic Tenkan Sen and Kijun Sen formed a bearish crossover, indicating a corrective pressure.
Based on the Helium Price Prediction, a breakout with a solid change in volume could initiate a decent movement in this pair. A new swing high above the 5.45 level for bulls will likely take the price near the 7.69 resistance level.
Conversely, sellers should wait for an H4 close below the 4.29 level that can resume the broader market trend towards the 3.00 area.
HNT/USD Intraday Price Action Analysis
The visible range high volume indicator shows a corrective pressure as it is near the current price. Therefore, investors should wait for a clear direction from the 4.74 level that should come by making new swing levels.
Although the current price trades within a range from 5.17 to 4.29, the dynamic 20 EMA and weekly VWAP are below the price, indicating a higher possibility of a bullish breakout. The Traders Dynamic Index is at the 50% area, representing corrective pressure in the market with a possibility of a breakout.
Based on the Helium price today, bulls should find the price above the 5.17 level, which can extend the buying pressure towards the 7.69 level. On the other hand, failure to hold the price above the 4.29 level would be a bearish signal, targeting the 3.00 level.
Is Helium (HNT) A Buy?
According to the HNT Price Prediction, this pair's broader market trend is still bearish. Moreover, the intraday price is very corrective, which needs a solid breakout before opening a bearish/bullish opportunity.