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Helium [HNT] Retraces by 24% After Rally to $4.5 – Altcoin’s Next Steps Will Be…
The Helium network has witnessed a significant price increase, rallying to a local high of $4.5 before retracing by nearly 24%. This sudden downturn raises questions about the altcoin’s next steps.
The initial rally saw the cryptocurrency break out of its recent downtrend that had persisted since January’s end. The bullish market structure hinted at the possibility of an uptrend establishment. However, this retrace has caused concerns among investors regarding the asset’s potential future movements.
One reason behind Helium’s retracement could be the uncertainty surrounding Bitcoin [BTC]. As long as BTC remains indecisive and within its current range, it may create a ripple effect, resulting in similar price action for HNT. If BTC were to plummet below $83k, this could lead to market-wide selling pressure on HNT.
Furthermore, Helium’s OBV has struggled to maintain upward momentum since the rally began. The lack of buying pressure from bulls could result in further declines. Nonetheless, if this indicator manages to break above its recent highs and continue the uptrend, it might signal a potential reversal in the short term.
On the 4-hour chart, the RSI reveals that the asset’s momentum has slowed down over the past week. Additionally, the bearish breaker block at $3.7 served as resistance for Helium during the last couple of days.
Source: https://ambcrypto.com/helium-hnt-retraces-by-24-after-rally-to-4-5-altcoins-next-steps-will-be/
