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Cryptocurrency News Articles
Helium (HNT) Price Prediction: HNT Defies Market Sentiment, Eyes 12% Rally
Oct 23, 2024 at 12:30 pm
Helium [HNT] has defied the bearish sentiment across the broader cryptocurrency market after a 3% gain to trade at $6.88 at press time.
Helium (CRYPTO: HNT) has outperformed the broader cryptocurrency market downturn with a 3% gain over the past 24 hours, trading at $6.88 at press time.
Following these gains, HNT is now up by nearly 12% in one week.
This outperformance is not only against Bitcoin (CRYPTO: BTC) in the last 24 hours, but HNT is also among the top performers among decentralized physical infrastructure (DePIN) tokens.
The recent uptrend also coincided with rising network activity, as data from Artemis showed that weekly fees on Helium reached a three-month high.
This spike in fees and the price increase have brought on renewed bullish sentiment that could precede a 12% price rally.
Bullish signs for HNT
The recent gains have formed bullish signs around HNT, which has made a V-shaped recovery on the daily chart. This technical formation signals a strong rebound in price following a sharp decline.
Chart: TradingView This formation is further supported by the Moving Average Convergence Divergence (MACD) indicator, which recently crossed above the signal line, indicating a bullish shift.
However, the MACD line itself remains negative, indicating that while bulls are gaining strength, the overall trend is still bearish.
The MACD histogram bars have also flipped to green, indicating increasing buying pressure.
Another bullish sign is seen on the Relative Strength Index (RSI), which crossed above 50 earlier this week for the first time since early October, indicating bullish momentum.
This indicator is also tipping north, suggesting that HNT’s uptrend is being driven by buyers.
If this buying activity continues, HNT could gain by 12% from its current price to the 1.618 Fibonacci level ($7.81).
At this price, HNT will have completed its V-shaped recovery and could continue to rise if the market sentiment remains positive.
Rising activity in the derivatives market Data from Coinglass showed that HNT is attracting interest from derivative traders, with futures trading volumes increasing by 60% at press time.
Meanwhile, Open Interest spiked by 3% to its highest level in nearly three weeks.
Chart: Coinglass The rising Open Interest indicates increasing speculative activity around Helium, which could lead to price volatility.
The Long/Short Ratio at 1.04 also indicates a balance between long positions and short positions.
This shows that despite the recent gains, short sellers are not opening new positions, indicating a belief in the uptrend.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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