Helium (HNT), the cryptocurrency powering the decentralized wireless network, has captured the attention of crypto enthusiasts with a remarkable 32% price surge in recent days. As the broader cryptocurrency market grapples with uncertainty, this unexpected rally has sparked questions about HNT’s potential for further growth.
I have mentioned #Helium $HNT several times and the setup in this 2W chart interests me;
— TK. ᛤ (@het_tk) December 15, 2024
– Broke out of resistance and recently formed a morningstar reversal pattern on the old resistance, now support
– higher lows
– Previous ATH $70-ish, $300 this cycle is a 37x from now
DYOR! pic.twitter.com/RWcyDLqhuU
Breaking Through the Resistance Barrier
Currently trading at around $8.85, HNT has seen a significant 5.5% increase in the past 24 hours. However, a key resistance level at $9.45 has consistently hindered its upward trajectory. This level has triggered selling pressure in previous attempts, preventing HNT from breaking out.
If HNT can successfully close a daily candle above $9.80, a potential 30% surge to $12.60 is on the cards. Conversely, failure to breach this level could lead to a 10% decline to $8.10. Fortunately, the Relative Strength Index (RSI) currently sits at 60, indicating room for further growth without entering overbought territory.
Growing Interest and Strong Fundamentals
On-chain data from Coinglass reveals a surge in interest from both traders and long-term holders. HNT’s Futures Open Interest has increased by 13% in the past 24 hours, suggesting that traders are betting on a potential breakout. Additionally, long-term holders have been actively accumulating HNT, with $365,000 worth of the cryptocurrency being withdrawn from exchanges.
These factors point to strong underlying support for HNT. While the resistance level remains a formidable obstacle, the market’s bullish sentiment and growing interest suggest that HNT could continue its upward trend.
Also Read: Helium (HNT) Surge: Will the 10% Price Jump Break Through $9.5 Resistance or Face a Pullback?
The Road Ahead
The future of HNT’s price trajectory hinges on its ability to break through key resistance levels and maintain the current momentum. With increasing interest from traders and solid technical indicators, HNT has the potential to reach new heights. However, only time will tell if HNT can sustain its rally and solidify its position in the cryptocurrency market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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