- Oh, the irony! Selling volume for HNT has spiked above its buying volume in the derivatives market.
- Brace yourselves! HNT could establish a new two-month low as more sellers mount pressure on the altcoin.
Ah, Helium [HNT], the once-mighty balloon now drifting in a bearish breeze, has recorded a 20.11% loss on the charts. Market sentiment? Falling faster than a lead balloon, coinciding with a hike in selling pressure that could make even the most stoic trader weep.
But wait! Is there a glimmer of hope? Some market participants are shifting gears. In the derivatives market, a few brave souls are opening long positions, while in the spot market, bullish activity might just be gaining ground again. Who knew optimism could be so contagious? 🤔
Surge in selling volume
In the derivatives market, selling volume has outpaced buying volume like a tortoise outrunning a hare. The Taker Buy-Sell ratio, or the Long/Short ratio, has dropped to 0.963. When this ratio dips below 1, it’s a sign of selling pressure—like a pressure cooker ready to blow! A ratio above 1? Well, that’s just a party for buyers.
While selling volume has intensified, the number of unsettled derivative contracts has plummeted by 19.80% to $4.96 million, as measured by Open Interest. A decline in Open Interest, alongside a drop in volume, typically means a bearish market scenario. Surprise, surprise! 🎉
In the spot market, sentiment appears to be a different flavor of ice cream. The Exchange Netflows have been negative for the past two days. In layman’s terms, traders are moving their assets to private wallets for long-term holding. When this metric is positive, it’s a sign of selling activity. Who knew wallets could be so picky? 👜
Approximately $250,000 worth of HNT has been transferred out of exchanges in the last two days—$119,480 the previous day and $130,520 in the last 24 hours. Talk about a wallet workout!
However, while recent sentiment might offer us a sprinkle of optimism, a broader outlook using weekly data reveals that sellers have retained their dominance. Caution is the name of the game in HNT’s market. Who would have thought trading could be so dramatic? 🎭
A trade below $2.85 hinges on buyers
On the price charts, HNT faces the risk of a sharp drop as its price continues to follow a descending trendline, gradually pushing the asset lower. If selling pressure gains momentum, HNT could plummet to its $2.85—its 2024 low, established on June 18. Will it drop further? Only time will tell! ⏳
However, the decline will depend on the support level at $3.315. If this level holds, it could provide a cushion and prevent further downside. With the altcoin’s funding rate turning positive at press time with a value of 0.0176%, it’s a sign that some buying sentiment still exists. Who knew HNT could be so resilient? 💪
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2025-02-22 17:14