Helium (HNT) Poised for 20% Rally, Can Bulls Break $9.85?
HNT, the native token of the Helium network, is poised for a significant upward rally as it forms a bullish price action pattern on the daily time frame. While most cryptocurrencies, including Ethereum (ETH), Solana (SOL) and XRP, appear to be struggling to rebound over the past few days, HNT has seen its value rise by 30% after its recent decline.
Helium (HNT) Technical Analysis and Upcoming Levels
According to expert technical analysis, HNT’s The recent upward momentum has taken it to key resistance at $9.5. However, this marks the third time HNT has tested this level, and it appears to be weakening.
Based on recent price action and historical momentum, if HNT breaks out of this level and closes above $9.85, the asset is very likely to surge 22% to $12 levels in the near future.
Despite the significant rebound, HNT’s relative strength index (RSI) currently stands at 65, which is below overbought territory, indicating that the asset has plenty of room to continue rising in the coming days.
On the positive side, the 200 exponential moving average (EMA) on the daily time frame indicates an uptrend as it is below HNT’s current price.
HNT’s open interest continues to rise
HNT’s technical analysis is further supported by on-chain indicators. According to on-chain analytics firm coin glassHNT’s futures open interest surged 24%, reflecting traders’ strong interest and confidence in the token as it approaches a key breakout.
When combining on-chain indicators with technical analysis, bulls appear to have entered the market and may support the altcoin’s breakout of resistance this time around.
Current Price Momentum
Currently, HNT is trading close to $9.47, with the price rising by more than 13.10% in the past 24 hours. Its trading volume surged 265% during the same period, indicating increased participation from traders and investors driven by HNT’s bullish outlook.
