Helium’s HNT Soars 24%: Could $5 Be Next? 🚀💰

HNT has surged by 24.2% over the past day, much to the delight of its long-suffering holders.
Helium was experiencing strong buying pressure, as validated by a bullish crossover, much to the chagrin of its short-sellers.

Since reaching a local low of $3.2, Helium’s [HNT] has experienced a significant rally for two consecutive days. As of this writing, Helium was trading at $4.1, hiking by 24.2% over the past day. One can almost hear the collective sigh of relief from the crypto community, or perhaps it’s just the sound of short-sellers weeping into their keyboards.

Over the same period, HNT has experienced a strong surge in volume, which has spiked by 84.36% to $11.84 million, while the Open Interest (OI) has increased by 20.13%. It’s as if the market has suddenly decided to take a long, hard look at itself in the mirror and say, “You know what? I think I’ll buy some Helium today.”

This bullish trend has extended on weekly charts, rising by 20.04%. Before these gains, the altcoin was in a downtrend, dropping by 24.26% in 30 days. But who’s counting, right? Certainly not the bulls, who are now bellowing with renewed vigor.

With the recent price pumps, the question that arises is whether the altcoin can hold the uptrend and make more gains. Or, as the more cynical among us might ask, “Is this just another crypto mirage in the desert of despair?”

Can Helium Hold the Uptrend?

According to AMBCrypto’s analysis, Helium was experiencing strong buying pressure as a strong upward momentum slowly builds. It’s almost as if the market has decided to throw a party, and Helium is the guest of honor.

For starters, AMBCrypto observed this buying pressure as Helium’s RSI has surged from 36 to 49. Through this uptick, the RSI made a bullish crossover, signaling buyer’s dominance in the market. It’s like a game of chess where the bulls have just checkmated the bears, and the bears are left to ponder their next move over a cup of bitter tea.

Therefore, sellers have lost momentum after exhaustion, and buyers are currently enjoying total market control. It’s a classic case of the early bird catching the worm, or in this case, the early buyer catching the Helium.

Looking further, Helium holders have turned bullish, with most traders getting long positions. As such, the Long/Short Ratio suggests that long positions are dominating the market, with 55.89% of the total futures accounts on 24-hour timeframes. It’s as if the market has decided to throw a long party, and everyone’s invited.

This implies that the majority of traders expect prices to hold the uptrend and make more gains. After all, why settle for a short-term fling when you can have a long-term relationship with Helium?

Additionally, Helium’s Funding Rate OI Weighted has remained positive for three consecutive days. When OI is rising while the Funding Rate is also increasing, it implies that more traders are leveraging long positions. It’s like a game of musical chairs where the music never stops, and everyone keeps finding a seat.

When this holds for a sustained period, it’s likely to cause a short squeeze as short position holders close their trade. It’s the crypto equivalent of a bull run through a china shop, with short-sellers running for the exits.

These market phenomena are validated by a positive funding rate aggregated by the exchange. This implies that investors are bullish across all exchanges as longs continue to pay short. It’s a bit like a medieval joust where the bulls are the knights and the bears are the unfortunate targets.

Helium is experiencing a strong upward movement as buyers retake the market. With bullish sentiment building, HNT is well positioned for more gains on its price charts. If the prevailing market conditions hold, Helium could reclaim $4.6, strengthening the altcoin to face $5.0 resistance. However, if a market pullback arises, HNT will decline to $3.7. But let’s not get ahead of ourselves; after all, in the world of crypto, anything can happen, and often does.

2025-02-11 17:17

Can Helium Hold the Uptrend?

Read More