TL;DR
- Helium (HNT) surged nearly 19% in 24 hours, reaching $7.87, with trading volume up by 176.42%.
- The price movement is attributed to a bullish flag pattern breakout, with key resistance at $7.90 and the potential to reach $11.
- Increased social dominance and market participation reflect growing interest and confidence in HNT’s future gains.
Helium (HNT) has experienced a significant surge, with its price increasing by nearly 19% in just 24 hours. This bullish breakout has caught the attention of investors and market analysts alike, as HNT’s price reached $7.87. The surge is accompanied by a substantial increase in trading volume, which has risen by 176.42%, bringing the total trading volume to 51.86 million. At the time of writing, despite trading at $8.08, Helium reports a 4% drop.
Technical Indicators and Market Sentiment
The recent price movement of HNT can be attributed to its breakout from a bullish flag pattern on the daily chart. This pattern usually begins with a significant upward surge, then enters a phase of consolidation, and ultimately experiences another breakout.
The breakout suggests that HNT could continue its uptrend, with a key resistance level at $7.90. If HNT successfully breaks through this resistance, it could potentially target the $11 mark in the future.
Technical indicators further support this bullish sentiment. HNT’s Relative Strength Index (RSI) was at 68.48, approaching overbought territory. This may suggest a temporary dip, but an RSI reading between 70 and 80 typically aligns with robust upward trends.
The rise in social dominance from 0.156% to 0.167% over the last 24 hours indicates a heightened awareness and conversation about HNT, potentially sparking increased interest in the market.
Market Participation and Open Interest
The surge in HNT’s price is also reflected in the liquidation data, which shows a bullish market sentiment. Short positions have been closed out at $5.27K, whereas long positions faced a lower liquidation value of $1.45K.
Traders are increasingly betting on rising prices, which strengthens the ongoing bullish trend. Additionally, Open Interest for HNT has jumped by 18.29%, now totaling $12.27 million. This increase signifies heightened trader engagement and a growing belief in HNT’s potential for additional profits.
Future Prospects
As HNT nears the significant resistance point of $7.90, market participants are keenly observing for a possible breakout. If the bullish momentum persists, HNT could continue its ascent towards the $11 mark. However, traders should remain cautious of potential short-term pullbacks due to the overbought RSI.
