Helium: 25% rise imminent for HNT? 2 factors suggest
HNT could potentially surge by 25% to reach the $8.15 level if it closes a daily candle above the $6.50 level.Since the 20th of November, whales and investors have consistently been accumulating.
Helium [HNT] has remained stable during the ongoing bull run, even as major assets experienced notable upside momentum.
However, HNT’s daily chart signaled a potential upside rally at press time, attracting both investors and traders.
All eyes on Helium
After the formation of a bullish price action pattern, traders’ interest and confidence in the token appeared to have skyrocketed.
According to the on-chain analytics firm Coinglass, HNT’s Open Interest has surged by 8.5% in the past 24 hours and 4.7% in the past four hours.
This growing Open Interest suggests that traders have increased their positions as sentiment around HNT has shifted.
In addition to traders’ interest in the altcoin, investors and whales also appeared to be accumulating the tokens, as indicated by HNT Spot Inflow/Outflow data.
According to Coinglass, since the 20th of November, whales and investors have been consistently accumulating tokens, with HNT experiencing negative net flow.
Besides these bullish on-chain metrics, HNT’s chart also showed a bullish trend, indicating where the asset’s price may head in the coming days.
Upcoming levels
According to AMBCrypto’s technical analysis, HNT was on the verge of breaking out of a falling channel. At press time, its price was consolidating within a tight range near the upper boundary of the parallel pattern.
Based on recent price action, if HNT breaks out and closes a daily candle above the $6.50 level, it could potentially surge by 25% to reach the $8.15 level in the coming days.
Currently, market sentiment appeared bullish, with the altcoin trading above the 200 Exponential Moving Average (EMA) on the daily time frame.
Additionally, its Relative Strength Index (RSI) signaled a potential upside rally in the coming days.
On the daily chart, HNT’s RSI was at 52, near the oversold territory, indicating that an upside rally may be imminent.
At press time, HNT was trading near $6.25, after a minor price rise of over 1.25% in the past 24 hours. During the same period, its trading volume increased by 10%, indicating heightened participation from traders.