As of the latest data available, Helium (HNT) seems poised for a significant upward movement following a successful retest of its critical support level and a breakout from a descending trendline. The shift from a bearish to a bullish trend appears to have boosted market sentiment for the digital asset.
Helium’s Technical Evaluation
Based on analysis by CryptoCrypto, HNT exhibited a bullish outlook following its breakthrough of the descending trendline, which had previously served as a strong resistance level since October 1, 2024.
The altcoin also managed to surpass the $5.8 consolidation area, further reinforcing the positive sentiment surrounding its price action.
Given the optimistic projections and recent market performance, there is a high likelihood that HNT could potentially surge by 30%, reaching the $8.40 mark in the upcoming trading sessions.
Currently, Helium’s daily chart shows a lack of significant obstacles, which could facilitate a smooth rally in the following days.
Furthermore, the Relative Strength Index (RSI) and the 200-day Exponential Moving Average (EMA) both suggest a favorable outlook, hinting at the possibility of substantial upward movements.
Encouraging On-chain Indicators
The positive trajectory for HNT is further supported by on-chain metrics, with Coinglass reporting a Long/Short Ratio of 1.008 at the time of assessment, signaling strong bullish sentiments among traders.
Over the past 24 hours, the coin’s Open Interest (OI) has increased by 7%, with a consistent uptrend observed in the preceding week as well.
This rise in OI reflects a growing demand and interest from investors, likely driven by the recent breakout and optimistic market mood surrounding the cryptocurrency.
Traders and investors typically view increasing OI and a Long/Short Ratio above 1 as favorable conditions for establishing long positions in the market.
Notably, significant liquidation levels are identified at $6.06 and $6.5, with traders appearing over-leveraged at these price points, as noted by Coinglass.
Considering these on-chain measurements alongside technical analysis, it is reasonable to conclude that bullish forces are currently dominating the asset, potentially propelling HNT towards the $8.40 target soon.
At the time of writing, HNT is trading around $6.37, having experienced an impressive 8.2% price surge in the past 24 hours.
Moreover, trading volume has surged by 20% over the same period, indicating heightened engagement from traders and investors compared to previous days.