Helium Price Poised for a 30% Increase, Conditions for HNT Rally
The current state of the cryptocurrency market has provided an opportunity for traders to explore potential gains with Helium (HNT).
Recently, HNT has attracted a significant following among cryptocurrency enthusiasts after a remarkable 32% surge in value over the last few days. The positive trend seen on the daily chart suggests a forthcoming bullish momentum.
Helium Price Forecast by December 2024
Analyzing the technical aspects, Helium (HNT) is currently encountering a critical resistance level at $9.45. This price point has historically resulted in selling pressure, leading to downward price movements.
With the current attempt being the third to surpass this obstacle, recent indicators have shown a price dip in the past couple of days.
Assuming a breakthrough above the resistance with a daily close beyond $9.80, there is a high likelihood that HNT could surge by 30% to touch $12.60. Conversely, a failure to breach the resistance may lead to a 10% drop to $8.10.
Moreover, the Relative Strength Index (RSI) for this altcoin stands at 60, below the overbought threshold, indicating potential growth in the near future.
The positive outlook for HNT depends on the daily close surpassing the $9.80 mark; otherwise, the scenario might change.
Increasing Interest from Traders and Long-Term Investors
Recent data from Coinglass, an on-chain analytics firm, highlights a growing interest and confidence among traders in Helium.
Within the last 24 hours, there has been a 13% surge in HNT’s Futures Open Interest, indicating a heightened anticipation of a market breakout.
Simultaneously, long-term investors are also demonstrating interest in the altcoin. Observations from HNT’s spot inflow/outflow data indicate an outflow of $365k worth of HNT from exchanges.
This movement implies that long-term holders are moving their tokens off exchanges, signaling a potential rally and suggesting a favorable buying opportunity.
Considering these on-chain statistics alongside the technical analysis, it appears that bullish sentiment is prevalent, potentially assisting HNT in overcoming its persistent obstacles.
Current Momentum of HNT’s Price
At present, HNT is trading around the $8.85 mark, displaying a 5.5% increase in value over the last 24 hours. Additionally, trading volume has surged by 273% during the same timeframe, indicating active participation from both traders and investors.