Helium (HNT) and Ethereum Name Services (ENS) Eyeing For Key Resistance Breakouts: Are More Gains On Horizon?

Date: Sun, Dec 15, 2024, 10:02 AM GMT

In today’s cryptocurrency market, we are witnessing a blend of mixed performance in altcoins, with some experiencing corrections. However, Helium (HNT) and Ethereum Name Services (ENS) are defying the trend by continuing their upside momentum. HNT has surged by 10%, and ENS is up by over 2% in the last 24 hours.

Source: Coinmarketcap

Helium (HNT):

Helium (HNT) has shown an impressive rally, gaining near 60% in the past month. The price has climbed from a monthly low of $5.75 to its current value of $9.17.

As seen in the daily chart (HNT-1D), HNT is trading within a critical resistance zone between $9.12 to $9.60. This zone has previously rejected price advances, so breaking through it could open the door for further gains.

Should HNT successfully breach this resistance, the next major target sits at $11.00, representing a potential upside of 14% from the breakout level. The RSI (Relative Strength Index) reading of 68 suggests that momentum remains strong, but traders should monitor for signs of overbought conditions.

Ethereum Name Services (ENS):

Ethereum Name Services (ENS) has outperformed most altcoins, delivering a 163% rally over the past 30 days. The price surged from a monthly low of $16 to a recent high of $46.89.

As per the 4-hour chart (ENS-4H), ENS is currently trading at $44.00 and testing a critical resistance zone between $43 to $46.89. If buyers manage to push ENS above this range, the next key resistance lies at $50. A sustained breakout here could pave the way for a rally toward $84, representing a potential 80% upside from the breakout level.

The RSI currently stands at 65, indicating bullish momentum but still leaving room for further upside before entering overbought territory.

Are More Gains on the Horizon?

Both HNT and ENS are approaching crucial resistance zones that must be breached to unlock their next bullish legs higher. A successful breakout could trigger further price acceleration, with targets at $11 for HNT and $50 to $84 for ENS.

Moreover, the recent decline in Bitcoin dominance suggests that altcoins could gain additional strength in the coming days. If this trend continues, HNT and ENS may benefit from renewed investor focus and liquidity inflows.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always perform your own research before making any investment decisions in cryptocurrencies.

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