Helium’s (HNT) recent surge of 10% in the past 24 hours has drawn attention in the market. The uptrend was accompanied by a 12% spike in trading volume, indicating growing interest from investors.
With Helium edging closer to the crucial resistance level at $9.5, many are speculating on the sustainability of the bullish momentum.
Noteworthy Performance of Helium
Helium has emerged as one of the top performers, defying the broader market trends. Analysis of the daily chart reveals a push towards the $9.5 mark, a key level that could dictate the token’s future movement.
A breakout above this resistance level could potentially pave the way for a further bullish rally, setting eyes on the psychological barrier of $10.
Conversely, a failure to breach could prompt a pullback in the price.
Indicators Point towards a Possible Rally
A clear uptrend is visible on the daily chart, supported by an ascending trendline originating from Helium’s recent lows near $2.8.
Currently, the token is hovering around the $8.2 support level, previously acting as a resistance level in an ascending triangle pattern.
Shorter time frames indicate potential for an upcoming rally, hinted by the recent 10% surge.
Furthermore, data from Coinglass liquidations highlights a rise in leveraged positions, with a significant liquidation pool at the $8.3648 level.
This suggests an increasing risk among overleveraged traders, alongside a bullish sentiment that could drive prices higher.
Open Interest trends echo this positive outlook, displaying consistent growth and reflecting confidence in Helium’s price performance.
Simultaneously, trading volume of the token mirrors these trends, surging in tandem with the price, indicating a healthy bullish market sentiment.
The overall market conditions have been favorable, with Bitcoin’s stability supporting altcoins like HNT. However, the key question remains whether Helium can surpass the crucial resistance at $9.5.
Approaching the $9.5 mark, bullish momentum will require substantial buying pressure to sustain the upward trend.
The market’s response at this juncture will be pivotal, determining whether a breakout can propel prices towards $10 or a rejection could lead to a retracement to the $7.8-$8 support range.