Helium price prediction – What are HNT’s short-term targets for September?

by
  • Momentum seemed strongly bullish, despite wider crypto market fear
  • Price action on the daily and weekly charts showed that new local highs could be set

As a seasoned crypto investor who has weathered numerous market cycles, I’ve learned to appreciate the rare gems that buck the trend during bearish times. The recent performance of Helium [HNT] is one such example that has caught my attention. Momentum seems strongly bullish, despite the wider crypto market fear, and the price action on the daily and weekly charts shows that new local highs could be set.

Over the past day, there’s been a significant 84% increase in trading activity for Helium [HNT]. This altcoin has also experienced a 36.3% growth since August 26th. It looks promising that HNT could see another potential 20% increase in the near future.

It’s quite possible that bulls might manage to drive prices beyond the peaks achieved in February. This is particularly noteworthy considering its exceptional performance amidst a broader crypto market that has been struggling under intense selling pressure.

Towering bullish momentum on the cards

Starting from August 26th, Bitcoin [BTC] has experienced a decrease of 12.2%, and the altcoin market has followed suit with a drop of 12.88%. But amidst this downward trend, the upward movement in Helium was quite encouraging and provided potential trading chances for both swing and scalp traders.

The OBV (On Balance Volume) has been steadily climbing upward since mid-July, indicating consistent buying activity. This strong buying pressure suggests that the current gains might prove to be long-lasting. Additionally, the moving averages have shown a positive trend as well.

On the larger-scale charts, breaking past the $6.1 mark was significant. The subsequent drop to around $3.43 served as a check against the 78.6% Fibonacci level established during the late 2023 rally. This suggests that the bounce back from $3.43 and the upward price trend could increase the likelihood of reaching new nearby peak prices.

Helium Open Interest breaks past March highs

The current Open Interest for Helium has reached $11.4 million, breaking previous highs from March ($10.29 million) and last seen at this level in January 2023. With both high Open Interest and rising prices, it suggests a very bullish market attitude. Consequently, traders have been more inclined to invest long positions, aiming to capitalize on the ongoing price surge.

Read Helium’s [HNT] Price Prediction 2024-25

A heated derivatives market might lead to a significant correction, with the market searching for available resources. However, this correction may not immediately reach $7.72 or $6.95, as suggested by current data, and instead, the price could stabilize without a sharp decrease in value.

Read More

2024-09-06 12:07