Helium (HNT) is expected to rise 20%, can the bull market break through $9.85?

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The native token of the Helium Network, HNT, is anticipated to see a significant rise as it forms a bullish price trend pattern in the daily timeframe. In the past few days, despite most cryptocurrencies, including Ethereum (ETH), Solana (SOL), and XRP, seemingly struggling to rise, HNT has seen its value increase by 30% after a recent decline.

Helium (HNT) Technical Analysis and Upcoming Levels

According to expert technical analysis, HNT's recent upward momentum has brought it to a key resistance level of $9.5. However, this is the third time HNT has tested this level, and it seems to be weakening.

Based on recent price trends and historical momentum, if HNT breaks this level and closes above $9.85 on a daily basis, the asset is likely to surge by 22% in the near future, reaching the level of $12.

Despite a notable rebound, HNT's Relative Strength Index (RSI) is currently at 65, below the overbought zone, indicating that the asset has enough room to continue rising in the coming days.

On a positive note, the 200 Exponential Moving Average (EMA) in the daily timeframe indicates an upward trend as it is below HNT's current price.

Rising Open Interest for HNT

HNT's technical analysis is further supported by on-chain indicators. According to data from on-chain analytics company Coinglass, HNT's futures open interest has surged by 24%, reflecting strong interest and confidence from traders as it approaches a key breakout.

When combining on-chain indicators with technical analysis, it appears that bulls have entered the market, potentially supporting the altcoin's breakthrough of resistance levels.

Current Price Momentum

Currently, HNT is trading near $9.47, with a price increase of over 13.10% in the past 24 hours. During the same period, its trading volume has surged by 265%, indicating increased participation from traders and investors driven by HNT's bullish outlook.

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