Helium's Rollercoaster: Will It Soar or Plummet? 🎢💸

Ah, dear Helium, it must close a daily session above $4.24 to transform its gloomy market structure into something resembling optimism.
The recent bounce to $4.18 might just be the prelude to a range formation above the mystical $3.3 threshold.

Once upon a time, Helium [HNT] plummeted a staggering 68.5% from the lofty December heights of $9.54, only to revisit the psychological $3 support last week. A tragic tale of a 68.5% price drop in a mere two months—how poetic! 🎭

With a lack of fervent buyers and a persistent downtrend since December, the $3.3 zone now stands as the next bearish target, like a dark cloud looming over a picnic.

Helium, despite a 28% bounce, remains shackled by its downtrend

The daily chart of HNT reveals a bearish market structure, where the recent lower high at $4.24, highlighted in orange, remains the elusive level to conquer for a bullish transformation. A true David versus Goliath scenario, if you will.

In the past fortnight, the bearish momentum has begun to wane, like an old man’s enthusiasm for a game of chess.

In a curious twist of fate, a bullish divergence appeared in the first week of February, as the price made lower lows while the RSI, that fickle friend, made higher lows. A classic case of “who’s fooling whom?”

Following this, Helium managed to bounce from the round number support of $3, gaining a remarkable 28.5% in less than a week. Bravo! But was it a true triumph or merely a fleeting mirage? 🏆

This bounce, however, was not accompanied by a surge in buying volume, as the A/D indicator suggests. The volume indicator has been on a downtrend since mid-December, though it did see a slight bounce over the past ten days—like a cat that has just discovered a sunbeam.

The 1-week liquidation heatmap revealed a large liquidity cluster around $3.6. This area was tested on the 10th of February, and prices swiftly jumped to $4.19, likely propelled by a cascade of short liquidations—an unexpected twist in our tale!

Since that fateful day, volatility has diminished, and HNT has settled beneath the $4 level, like a weary traveler seeking rest. The magnetic zone at $3.3 may soon beckon the token prices, as if calling them to a grand reunion.

Traders, prepare yourselves for a range formation between $3.3 and $4.2-$4.5. In the near term, the $3.6 zone is likely to halt the bearish advance, much like a well-placed fence at a raucous party.

2025-02-12 16:10

Helium’s Rollercoaster: Will It Soar or Plummet? 🎢💸

Helium, despite a 28% bounce, remains shackled by its downtrend

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