As of the latest update, Helium (HNT) was seen trading in an ascending triangle pattern, which is characterized by the convergence of a horizontal resistance level and an upward sloping support line. This pattern usually indicates a potential for a breakout leading to new all-time highs.
Despite this promising setup, HNT has faced challenges in surpassing the $7.895 resistance level, resulting in a slight pullback from its recent gains. Such retracements are common in this pattern and often serve as a consolidation phase before a potential final rally.
If the current scenario plays out as anticipated, HNT could be targeting higher price levels, particularly the liquidity clusters at $9.628 and $11.068 on the chart.
Positive Market Sentiment Supported by Key Indicators for Helium
There is clear bullish activity in the market for HNT, as indicated by two significant metrics: the Relative Strength Index (RSI) and the Chaikin Money Flow (CMF).
The RSI, a momentum indicator that gauges the speed and direction of price movements on a scale of 0 to 100, was recorded at 50.65, reflecting a favorable position for HNT to initiate a rally.
However, the downward trend of the RSI suggests a potential short-term decline before the expected upward movement, aligning well with the current technical pattern.
Similarly, the Money Flow Index highlights a notable surge in funds flowing into HNT, signifying active accumulation of the asset by investors.
Significant Surge in Trading Volume Positions HNT as a Popular Choice Among Traders
Helium’s trading volume has seen a remarkable increase of 136.5%, as reported by CoinMarketCap, indicating active buying interest among traders that corresponds with a rise in price.
Furthermore, according to Coinglass, the positive Funding Rate indicates that long traders are willing to pay a premium to hold their positions, reflecting a strong market belief in potential future price appreciation.
If these optimistic indicators persist, HNT is expected to continue its upward momentum towards the targeted price levels.