HNT Technical Analysis: Phenomenal Jump Of 57% Just For Retest?

HNT price action shows a bullish growth of 57% within 24 hours to retest the broken support trendline of a falling channel in the daily chart. The HNT prices jump by 57% to reach the overhead resistance of $5.37, retesting the broken support trendline. Unfortunately, the post-retest reversal from the trendline shows a 7.90% fall. So, should you avoid buying Helium in hopes of riding the momentum? Key Points: The HNT price action shows a bullish growth of 57%. The post-retest rally brings Helium prices under the $5 mark. The intraday trading volume in Helium is $186 million. Source – TradingView HNT Technical Analysis The HNT price action displays a 50% decline after the falling channel breakout from the $6.25 mark to the psychological support at $3. However, the recent increase in the buying pressure results in a 57% bullish engulfing candle retesting the broken support trendline. Currently, the daily candle shows a bearish influence evident by the 7.90% drop, displaying a post-retest reversal. Moreover, the bearish reversal brings the prices back to the psychological mark of $5.0. Thus, decreasing the possibility of an uptrend continuation. The speculation behind the phenomenal price jump seems to be the decision of Helium Foundation to migrate to the Solana ecosystem. The Helium (HNT) prices reversing from the support trendline and dropping under $5 increases the possibility of a downfall to the $4.0 mark. However, if the ma...