Helium [HNT] has been displaying robust upward momentum following a breakout from a bullish flag pattern seen on the daily chart. The current price stands at $7.87, marking a 19.38% surge within the last 24 hours.
This rise is accompanied by a notable 176.42% increase in trading volume, totaling at 51.86M.
With HNT approaching the crucial resistance level of $7.90, the potential for further gains is on the horizon.
Backed by positive technical signals and a growing market interest, there is speculation that the coin could be on track for a significant uptrend, possibly reaching $11 soon.
Implications of the Bullish Flag Breakout for HNT
The breakout from the bullish flag pattern for Helium signifies a strengthening bullish trend. This pattern typically emerges after a sharp upward movement, undergoes a consolidation phase, and then breaks out again.
This pattern suggests a continuation of the upward trajectory.
Nevertheless, the token is facing a crucial barrier at $7.90. A successful breach beyond this level could propel it towards $11, making this a pivotal juncture for traders to monitor.
At the time of writing, HNT’s RSI was 68.48, nearing the overbought territory. While this might indicate a potential short-term retracement, an RSI reading between 70-80 commonly aligns with robust bullish trends.
Thus, unless a sharp correction occurs, Helium is likely to sustain its upward climb.
Impact of HNT’s Social Dominance on Its Price Movement
The social dominance of HNT has increased from 0.156% to 0.167% over the last 24 hours. This uptick signifies a growing awareness and discussions revolving around the coin, potentially attracting more market interest.
Heightened Social Dominance frequently influences price dynamics as traders observe the coin’s expanding visibility.
This rise in social engagement could act as a catalyst for HNT’s momentum, aiding its breakout towards higher price levels.
Analysis of Liquidation Data and Market Sentiment
The liquidation data for HNT indicates a bullish market sentiment. Short positions totaling $5.27K have been liquidated, compared to long positions liquidated at a lower value of $1.45K.
This data suggests an increasing number of traders positioning themselves for upward price movement, reinforcing the existing bullish trend. As short-sellers cover their positions, the buying pressure could further push the price upwards.
Spike in Open Interest
The Open Interest for HNT has surged by 18.29%, reaching $12.27M. This surge reflects heightened trader engagement and growing confidence in the coin’s potential for additional gains.
With the rise in opened positions, the spike in Open Interest bolsters the case for sustained upward momentum.
Final Thoughts: Can HNT Break the $11 Barrier?
The breakout from the bullish flag pattern, increasing social dominance, and the surge in open interest all point towards strong bullish prospects for HNT. If HNT successfully overcomes the $7.90 resistance level, it could set its course towards $11.
However, the RSI hinting at a potential short-term pullback indicates some caution. Yet, if the bullish trend persists, HNT seems poised to continue its upward trajectory.