- HNT aims for a 30% price surge if it breaks the $9.80 resistance.
- Growing trader interest and rising Futures Open Interest signal potential for a breakout rally.
- Long-term holders withdrawing tokens suggests a possible rally, creating an ideal buying opportunity.
Helium (HNT) has gained attention after a 32% price surge in the past few days. As uncertainty looms over the crypto market, this recent rise has traders watching closely. However, for HNT to continue climbing, breaking through key resistance levels is crucial. Traders now focus on whether HNT can maintain this momentum. Let’s explore the conditions needed for HNT to reach new heights.
Analyzing HNT’s Key Resistance and Price Targets
Currently trading around $8.85, HNT has seen a 5.5% price increase in just 24 hours. But the key challenge remains a resistance level at $9.45. This price point has led to selling pressure in previous attempts, halting HNT’s growth. HNT has now attempted to break this resistance three times. If a daily candle closes above $9.80, a 30% increase to $12.60 is possible.
However, failure to break this level could see HNT drop to $8.10, a 10% decline. Fortunately, the Relative Strength Index is at 60, suggesting room for further growth without entering the overbought zone. A breakthrough above $9.80 is essential for continuing the rally. Without it, the bullish momentum may falter.
Increased Interest from Traders and Long-Term Holders
On-chain data from Coinglass highlights growing interest from traders. HNT’s Futures Open Interest has increased by 13% in the last 24 hours. This suggests traders are betting on a breakout. Additionally, long-term holders are becoming more active.
Data shows that $365k worth of HNT has left exchanges, indicating a belief in an upcoming rally. Together, these factors show strong support for HNT. While resistance remains, the market shows signs of bullish strength, making HNT an exciting asset to follow.
For now, HNT’s potential growth hinges on breaking resistance levels and maintaining the current momentum. With rising interest from traders and solid technical indicators, HNT may continue its upward path. But, only time will tell if HNT can break through key levels and sustain the rally.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
