Increased buying activity and positive market sentiment may support HNT rising to $7.80.

  • Helium has risen 12% in seven days, outperforming most DePIN tokens.

  • Due to increased buying pressure, the RSI broke above 50 for the first time in over two weeks earlier this week.

As of the time of writing, Helium [HNT] is up 3%, trading at $6.88, breaking the bearish sentiment across the entire cryptocurrency market. After this, HNT rose nearly 12% within a week.

HNT not only outperformed Bitcoin [BTC] in the past 24 hours but also ranks among the top in decentralized physical infrastructure (DePIN) tokens.

The recent upward trend aligns with increased network activity; Artemis data shows that Helium's weekly fees have reached a three-month high.

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Soaring costs and rising prices have reignited bullish sentiment, potentially signaling a 12% price increase.

Bullish signals for HNT.

The recent surge has formed bullish signals around HNT, with HNT exhibiting a V-shaped rebound on the daily chart. This indicates that helium is strongly rebounding after a significant price drop.

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The Moving Average Convergence Divergence (MACD) also shows a bullish shift after breaking the signal line.

However, the MACD line remains negative, indicating that while bulls are strengthening, the overall trend is still bearish.

With increased buying pressure, the MACD histogram bars have turned green.

Earlier this week, the Relative Strength Index (RSI) also broke above 50 for the first time since early October, showing bullish momentum. The indicator is tilting upwards, indicating that HNT's upward trend is driven by buyers.

If this buying activity continues, HNT may rise 12% from the current price to the 1.618 Fibonacci level ($7.81).

At this price point, HNT would complete a V-shaped recovery, and if market sentiment remains positive, it may continue to rise.

Activity in the derivatives market is increasingly active.

Coinglass data indicates that HNT is attracting interest from derivative traders. As of the time of writing, futures trading volume has increased by 60%, while open contracts have surged by 3%, reaching the highest level in nearly three weeks.

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The increase in open contracts indicates that speculation around helium is on the rise, which may lead to volatility.

The long-short ratio is 1.04, indicating a balance between long and short positions. This suggests that despite recent gains, short sellers have not opened new positions, indicating a strong upward trend.

In addition to the increased speculative activity in the derivatives market, positive market sentiment may also support helium's upward trend.

Market Prophit data shows that the crowd sentiment around Helium is positive. However, savvy investors remain bearish.