Helium: Could HNT Experience a 25% Price Surge Soon? Two Key Indicators Suggest…
Despite the recent bullish trend in major cryptocurrencies, Helium (HNT) has maintained its stability in the market.
However, a potential upward movement is now evident on HNT’s daily chart, attracting the attention of both investors and traders.
Focus on Helium’s Performance
Following the emergence of a positive price pattern, there has been a notable increase in traders’ interest and confidence in HNT.
Recent data from Coinglass, an on-chain analytics firm, indicates that HNT’s Open Interest has risen by 8.5% in the last 24 hours and 4.7% in the past four hours.
This surge in Open Interest suggests a growing confidence among traders as sentiment towards HNT strengthens.
Additionally, apart from traders, investors and large holders seem to be accumulating HNT tokens, as highlighted by the HNT Spot Inflow/Outflow data.
Coinglass data reveals a consistent accumulation trend by whales and investors since November 20th, leading to a negative net flow for HNT.
In line with these positive on-chain indicators, HNT’s chart displays a bullish trajectory, providing insights into its potential price movement in the upcoming days.
Anticipated Price Targets
As per CryptoCrypto’s analysis, HNT is showing signs of a breakout from a descending channel. The current price is consolidating near the upper boundary of the parallel pattern.
Considering the recent price action, a breakout above the $6.50 level and a daily candle close could propel HNT’s price by 25%, targeting the $8.15 level shortly.
Market sentiment appears positive as the altcoin trades above the 200 Exponential Moving Average (EMA) on the daily timeframe.
Moreover, the Relative Strength Index (RSI) indicates a potential upward movement in the days ahead.
On the daily chart, HNT’s RSI stands at 52, approaching the oversold region, signaling a potential price upsurge on the horizon.
Currently priced around $6.25, HNT has seen a minor uptick of over 1.25% in the last 24 hours, accompanied by a 10% increase in trading volume, reflecting active engagement from traders.