The Rise of Spot Bitcoin ETFs
The cryptocurrency market is experiencing a recovery as the approval process for spot Bitcoin exchange-traded funds (ETFs) progresses. Several major applicants, including BlackRock, VanEck, and Ark Invest, have filed revised S-1 forms with the U.S. Securities and Exchange Commission (SEC) to seek approval for their respective spot Bitcoin ETFs.
Helium Price Shows Promising Recovery
Among the top 10 cryptocurrencies, Helium Price has emerged as the highest gainer today, indicating the end of its correction phase.
Can Helium Price Reach $10 Again?
- The HNT price will continue its recovery trendline until the ascending trendline remains intact.
- A recent bounce from the support trendline may push the coin price to $9.6.
- The intraday trading volume in Helium is $42 million, signaling a 117% gain.
The native token of Helium Network, HNT, went through a correction phase in December after reaching its peak at $9.62. This retracement caused a 50.6% drop in the coin’s market value, bringing it down to $4.75.
Despite this correction, an ascending trendline has provided support throughout the market downturn, suggesting that a recovery trendline remains intact.
With the increasing optimism around spot Bitcoin ETFs, the Helium coin price rebounded from the emerging trendline on January 8th. In the last 48 hours, the bullish reversal has resulted in a 30% gain, with the current price at $6.19.
If HNT can maintain a daily candle close above the 38.2% Fibonacci retracement level at $6.5, it could gain further momentum in its recovery. The recent surge in buying activity after the correction has the potential to push the HNT price up by another 55%, potentially challenging its previous high of $9.6 and even reaching $10.6.
Possible Support Loss and Price Decline
While the current market sentiment and a bullish reversal indicate a positive outlook for Helium, a long wick rejection on the daily candle warns of an alternate scenario. This rejection suggests that there is intense selling pressure at the $6.5 mark, preventing a higher rally. If the HNT price fails to sustain above $6.5, sellers may attempt to break the lower trendline.
This breakdown could extend the correction trend to $4, followed by $3.17.
- Exponential Moving Average (EMA): The Helium price has successfully bounced off the 20-day EMA.
- Moving Average Convergence Divergence (MACD): A potential bearish crossover between the MACD (blue) and signal (orange) lines may increase selling pressure.
Related Article:
- Top Altcoins To Buy January 8 With Spot BTC ETF Beckoning: ADA, DOGE, ARB
- Spot Bitcoin ETF: Unveiling Potential Premiums & Regulatory Woes Post Approval
- Bitcoin ETF Filers Unswayed By US SEC Comments On S-1s, Approval Ahead?
Hot Take: Helium Price Recovery Indicates Bullish Sentiment
The rise in the Helium price following the rebound from the support trendline suggests a positive sentiment among investors. With the ongoing progress in the approval of spot Bitcoin ETFs, there is an increased likelihood of further price gains for Helium. However, caution should be exercised as intense selling pressure at $6.5 could lead to a decline in price. Overall, the recovery trendline remains intact, and if HNT can break key resistance levels, it has the potential to reach new highs above $10.
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