Helium's (HNT) Recovery from Lows Fuels Investor Optimism
Helium's (HNT) Recovery from Lows Fuels Investor Optimism
Helium bounced back nearly 30% in the last three sessions adding validation to a bullish reversal.
The RSI line has made a bullish crossover with a 14 day SMA line suggesting a trend continuation in the short term.
On the higher side, the 200 day EMA may act as a strong hurdle for the buyers.
Amid the recovery phase in the broader market, several Altcoins have started taking a rebound from the lows. Few altcoins had initiated a recovery in the previous week just after the panic selling while few stabilized at the lows and are now attempting for a recovery.
Helium price suffered rejection after attaining a fresh high of $10 in the last week of February. Thereafter, the price headed downwards thus entering a correction phase. The selling pressure dominated and the price suffered towards the $3 level losing all the annual gains.
The recent sessions have reported a bounce back from the lows indicating a strong comeback by the bulls. The price rise is supported by a notable 30% rise in the open interest contracts suggesting a long buildup.
Transaction Volume And OI Data On The Rise
Furthermore, Helium has to go a long way. It's worth nothing that like many other altcoins, HNT is still a lot down from it's All time high. As of now, the HNT token is nearly 92% down from its peak during the 2021 bull run. However, The recent surge in HNT price has re-established the investors confidence
<iframe title="Santiment Chart: Total Open Interest in USD (HNT), Price (HNT)" width="800" height="425" src="embed.santiment.net/chart?ps=helium&pt=HNT&df=2024-07-09T18:30:01.571Z&dt=2024-07-17T18:29:59.571Z&emcg=1&emhwm=1&wm=total_open_interest;price_usd&wax=0;1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>
The short term surge seemed to be mostly driven by a notable surge in the Open Interest contracts. As per the data derived from an on-chain analytics website, the open interest contracts have surged by over 30% in the last three sessions. The OI contracts have surged from $2.9 Million to $4.13 Million suggesting a long buildup.
Additionally, there has been a similar development in the transaction volume. The transaction volume has surged over 70% a day to $29.01 Million. The volume to market capitalization was 4.15% suggesting low volatility.
Can HNT Mark A Bullish Reversal or Fail?
Though the price has recovered in the recent sessions, still the long term trend outlook lies on the bearish side below the 200 day Exponential moving average. The price has surpassed the 20 and 50 day EMA suggesting a positive short term trend outlook.
On the higher side, the $5 level may act as a crucial supply level. whereas, on the lower side, the $3 level may act as a strong demand zone as the price has taken a rebound. A breakout above $5 may validate a bullish reversal and HNT price may show gains. whereas, if the bears take over again and the price looms below the $3 level, it may indicate a bearish continuation.
The technical indicators imply a bullish continuation in the short term. At the time of writing, a bullish crossover of the RSI and 14 day SMA line was noted on the charts indicating a trend continuation in the short term.
What’s Next For Helium?
Helium (HNT) has surged recently, boosting investor confidence. The short-term rise is driven by a 30% increase in open interest contracts, suggesting a long buildup. Additionally the transaction volume has noted a 70% rise indicating low volatility.
While the price hovers above the 20 and 50-day EMAs, it still remains below the 200-day EMA, indicating a bearish long-term trend. Key levels to watch are $5 (resistance) and $3 (support). A breakout above $5 could signal a bullish reversal, while a drop below $3 may indicate continued bearishness. Technical indicators suggest short-term bullish continuation.
Helium bounced back nearly 30% in the last three sessions adding validation to a bullish reversal.
The RSI line has made a bullish crossover with a 14 day SMA line suggesting a trend continuation in the short term.
On the higher side, the 200 day EMA may act as a strong hurdle for the buyers.
Amid the recovery phase in the broader market, several Altcoins have started taking a rebound from the lows. Few altcoins had initiated a recovery in the previous week just after the panic selling while few stabilized at the lows and are now attempting for a recovery.
Helium price suffered rejection after attaining a fresh high of $10 in the last week of February. Thereafter, the price headed downwards thus entering a correction phase. The selling pressure dominated and the price suffered towards the $3 level losing all the annual gains.
The recent sessions have reported a bounce back from the lows indicating a strong comeback by the bulls. The price rise is supported by a notable 30% rise in the open interest contracts suggesting a long buildup.
Transaction Volume And OI Data On The Rise
Furthermore, Helium has to go a long way. It's worth nothing that like many other altcoins, HNT is still a lot down from it's All time high. As of now, the HNT token is nearly 92% down from its peak during the 2021 bull run. However, The recent surge in HNT price has re-established the investors confidence
<iframe title="Santiment Chart: Total Open Interest in USD (HNT), Price (HNT)" width="800" height="425" src="embed.santiment.net/chart?ps=helium&pt=HNT&df=2024-07-09T18:30:01.571Z&dt=2024-07-17T18:29:59.571Z&emcg=1&emhwm=1&wm=total_open_interest;price_usd&wax=0;1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>
The short term surge seemed to be mostly driven by a notable surge in the Open Interest contracts. As per the data derived from an on-chain analytics website, the open interest contracts have surged by over 30% in the last three sessions. The OI contracts have surged from $2.9 Million to $4.13 Million suggesting a long buildup.
Additionally, there has been a similar development in the transaction volume. The transaction volume has surged over 70% a day to $29.01 Million. The volume to market capitalization was 4.15% suggesting low volatility.
Can HNT Mark A Bullish Reversal or Fail?
Though the price has recovered in the recent sessions, still the long term trend outlook lies on the bearish side below the 200 day Exponential moving average. The price has surpassed the 20 and 50 day EMA suggesting a positive short term trend outlook.
On the higher side, the $5 level may act as a crucial supply level. whereas, on the lower side, the $3 level may act as a strong demand zone as the price has taken a rebound. A breakout above $5 may validate a bullish reversal and HNT price may show gains. whereas, if the bears take over again and the price looms below the $3 level, it may indicate a bearish continuation.
The technical indicators imply a bullish continuation in the short term. At the time of writing, a bullish crossover of the RSI and 14 day SMA line was noted on the charts indicating a trend continuation in the short term.
What’s Next For Helium?
Helium (HNT) has surged recently, boosting investor confidence. The short-term rise is driven by a 30% increase in open interest contracts, suggesting a long buildup. Additionally the transaction volume has noted a 70% rise indicating low volatility.
While the price hovers above the 20 and 50-day EMAs, it still remains below the 200-day EMA, indicating a bearish long-term trend. Key levels to watch are $5 (resistance) and $3 (support). A breakout above $5 could signal a bullish reversal, while a drop below $3 may indicate continued bearishness. Technical indicators suggest short-term bullish continuation.
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