HNT is currently down 2.53% in the last 24 hours, hovering around $7.05. The decline comes despite the entire market experiencing an optimistic movement on the price chart following the Federal Reserve’s rate cut announcement. This raises the question of whether the token will even inch closer to the mark of $10. After the Helium token experienced a double-digit increase at the beginning of September 2024, that was the objective that was previously established.
That was the right call to make, given that the majority of the tokens were either falling or fluctuating heavily. This includes the likes of BTC and ETH in the early days of September. The market was grappling with a lot of factors, including, but not limited to, the US political scenario, recession concerns, and US Fed rate cuts. However, sentiments around HNT have changed now.
It is down from $7.6 to $7.05. HNT was trading on the grounds of a descending channel. It is a bearish pattern that is followed by a bull run. In February 2024, the pattern solidified. HNT moved beyond that boundary later this year, in July. The target of $10 is not inspired by the potential outcome per the descending channel to the breakout point. Key support levels are within the range of $6.5 and $7.0.
A decline in the value of HNT further extends to 7 days and 30 days with a fall of 8.49% and 4.55%, applicable in the same order. The HNT price prediction expects the token to reverse the trend soon. It quotes the highest possibility of $11.22 by the end of this year. An alternate possibility is $7.46, depending on how the price moves on the chart.
The next 5 days are likely to see a decline to $7.09. That would be a 0.49% decrease from the current value. Later, a jump of 22.95% is seen to take the value as high as $8.76. This is expected to happen in the coming 30 days amid the volatility of 7.10%, which is comparatively on the higher side. The 50-day SMA and the 200-day SMA are $6.67 and $5.89, respectively. It means that HNT is still in the uptrend, which is a positive sign for the Helium token.
Analysts believe that the ongoing dip somewhat forms a strategic part of the buying zone. It is still recommended to conduct research and risk assessment before making investments in HNT, or any other cryptocurrency for that matter.
On November 12, 2021, the token reached its ATH at $55.17. It is clearly on the lower side, but recent highs are on the horizon. The maximum value in the last 12 months was $10.05, banked on February 16, 2024. It could breach that mark by the end of 2024.