Helium Network’s native token, HNT, is currently demonstrating a promising price movement, indicating a potential upside rally. This optimistic shift in momentum is noteworthy, especially as several major cryptocurrencies like Ethereum (ETH), Solana (SOL), and XRP are encountering challenges in maintaining upward trajectories. In contrast, HNT has surged by an impressive 30% following a recent downturn.
Helium (HNT) Technical Analysis and Key Resistance Levels
Through expert technical analysis, it has been observed that HNT’s recent upward movement has brought it to a significant resistance level at $9.5. This is the third instance of HNT encountering this level, which suggests a potential weakening. Historical data and recent price actions imply that if HNT successfully breaches this level, closing a daily candle above $9.85, it could potentially rise by 22%, reaching the $12 mark in the foreseeable future.
Despite this encouraging rally, HNT’s Relative Strength Index (RSI) is currently positioned at 65, which is below the overbought threshold. This indicates that there is still room for the asset to maintain its upward momentum. Furthermore, the 200 Exponential Moving Average (EMA) on the daily chart suggests a positive trend since it is positioned below HNT’s current price.
Increasing Open Interest in HNT
The bullish technical analysis of HNT is bolstered by on-chain metrics. Data from Coinglass, an analytics firm, highlights a 24% surge in HNT’s futures open interest. This rise signifies a growing interest and confidence among traders as the token nears a critical breakout point. The combination of these on-chain metrics and technical indicators suggests that bullish investors have entered the market, potentially aiding the token in overcoming the resistance level.
Current Price Momentum
Presently, HNT is trading around $9.47, having experienced a remarkable 13.10% increase in the last 24 hours. During this period, the trading volume has seen an extraordinary rise of 265%, highlighting increased involvement from both traders and investors. This heightened activity is driven by the optimistic outlook surrounding HNT’s price dynamics.
In conclusion, Helium’s native token, HNT, showcases a strong potential for further growth, supported by robust technical and on-chain analyses. As it continues to navigate through critical resistance levels, the presence of bullish investors and increased trading activity positions HNT favorably for a prosperous rally.
