While many major assets have seen significant gains recently, Helium (HNT) has maintained its stability amidst the current bullish trend.
Despite this, the daily chart for HNT is hinting at a potential upward movement, drawing the attention of both investors and traders.
Helium in the Spotlight
Following the emergence of a positive price pattern, there has been a noticeable increase in traders’ interest and confidence in HNT.
Recent data from Coinglass, an on-chain analysis company, shows an 8.5% surge in HNT’s Open Interest over the past 24 hours and a 4.7% rise in the last four hours.
This rise in Open Interest signals that traders are expanding their positions as the sentiment around HNT becomes more positive.
Alongside trader interest, there has been evidence of accumulation by investors and larger holders indicated by HNT Spot Flow data.
According to Coinglass, there has been consistent accumulation of tokens by whales and investors since November 20th, with a negative net flow for HNT.
Aside from the positive on-chain metrics, HNT’s chart also reveals a bullish trend, suggesting the potential direction of the asset’s price in the near future.
Projected Growth Levels
Analysis from CryptoCrypto indicates that HNT is nearing a breakout from a descending channel, with its price currently consolidating near the upper limit of a parallel pattern.
If HNT manages to surpass and close a daily candle above the $6.50 mark, there is potential for a 25% surge towards $8.15 in the days ahead.
Currently, the market sentiment is optimistic, with the altcoin trading above the 200 Exponential Moving Average (EMA) on the daily timeframe.
Furthermore, the Relative Strength Index (RSI) suggests a possible upward trajectory in the coming days.
On the daily chart, the RSI for HNT sits at 52, near the oversold zone, indicating a probable upcoming surge.
At present, HNT is priced around $6.25, having experienced a slight uptick of over 1.25% in the previous 24 hours. During the same period, trading volume has increased by 10%, reflecting heightened involvement from traders.