- HNT was trading within a classic cup and handle pattern at press time, a formation often associated with price rallies.
- The MACD has also formed a golden cross, signaling potential upward momentum.
As a seasoned market analyst with over two decades of experience under my belt, I find myself intrigued by the current state of Helium [HNT]. Despite its short-term decline, the broader market structure suggests a promising rally is on the horizon.
In simpler terms, Helium’s [HNT] performance over the last day or so seems less robust. It has experienced a decrease of 4.76%, which has brought down its monthly growth from an initial high of 42.97%.
Although there’s a temporary dip, it seems the overall market framework stays strong, implying more opportunities for growth ahead.
HNT’s pending rally
Right now, the price of HNT appears to be moving within a “cup and handle” formation, which is typically linked to substantial price increases.
Despite currently experiencing an uptrend, predictions indicate that Helium Network Token (HNT) might surge further, potentially reaching $20. Such a rise would symbolize a significant increase of 143.27%. This potential peak would also signify the completion of its current pattern.
From my perspective as a researcher, should the market continue its advancement at this point, there’s potential for further growth. However, whether we can maintain this momentum hinges on the market’s capacity to surmount the anticipated selling pressure roughly around the $20 mark.
A golden cross: A golden opportunity?
Currently, as I’m typing this, a ‘golden cross’ has appeared on the price graph, indicating strong momentum and possibly an upcoming surge that reinforces the existing bullish tendency.
When the moving average convergence-divergence (MACD) line in blue surpasses the orange signal line on the chart, this event takes place. At the time of writing, the MACD stood at 0.5498, while the signal line was at 0.4557.
Furthermore, the Relative Strength Index (RSI), a tool for gauging the pace of price fluctuations by considering both buying and selling actions, supports the positive market trend.
In simpler terms, the Relative Strength Index (RSI) stood at 62.04, suggesting that there’s currently a lot of buying activity in the market. If this RSI stays below the overbought level of 70, it might mean more growth is on the horizon since the asset seems to be continuing its upward trend.
Buyers on the rise
In simpler terms, the trends in the futures market suggest a positive forecast for HNT, indicating that its price may continue to rise.
According to data from Coinglass, the long-to-short ratio has surged to approximately 0.9976. This increase signifies a significant growth in long positions, suggesting that there’s a high probability the asset is poised for further price increases.
In simpler terms, the cost for holding Helium Network Token (HNT) is still slightly beneficial at 0.0353%, implying that keeping long positions aids in maintaining the difference in prices between the real-time market (spot) and future contracts (derivatives).
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2024-12-09 12:07