The price of Helium [HNT] has remained stable throughout the ongoing price increase, even as major assets have shown significant upward momentum.
However, HNT's daily chart has signaled a potential bullish rally at the time of publication, attracting both investors and traders.
All eyes are on Helium
After forming a bullish price pattern, the interest and confidence of traders in this token seem to have surged.
According to the blockchain analysis company Coinglass, the open interest of HNT has increased by 8.5% in the past 24 hours and 4.7% in the past four hours.
This increasing open interest indicates that traders have increased their positions as sentiment around HNT changes.
In addition to the interest from traders in this altcoin, investors and whales also seem to be accumulating tokens, according to the HNT Spot inflow/outflow data.
According to Coinglass, since November 20, whales and investors have been continuously accumulating tokens, with HNT experiencing negative net flows.
Source: Coinglass
Alongside these bullish chain metrics, HNT's chart also shows an upward trend, indicating the asset's price direction in the coming days.
Upcoming levels
According to our technical analysis, HNT is on the verge of breaking out of the downtrend channel. At the time of publication, its price is consolidating in a narrow range near the upper boundary of the parallel pattern.
Source: TradingView
Based on recent price movements, if HNT breaks out and closes the daily candle above $6.50, the price could skyrocket 25% to reach $8.15 in the coming days.
Currently, market sentiment appears optimistic as this altcoin trades above the 200-day exponential moving average (EMA).
Additionally, the Relative Strength Index (RSI) also signals a potential price increase in the coming days.
On the daily chart, the RSI of HNT is at 52, near the oversold area, indicating that a price surge may be imminent.
At the time of publication, this altcoin is trading at nearly $6.25, after a slight price increase of over 1.25% in the past 24 hours. During the same period, its trading volume increased by 10%, indicating increased participation from traders.
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