- Helium is up 12% in seven days and has outperformed most DePIN tokens.
- Earlier this week, the RSI rose above 50 for the first time in more than two weeks, as buying pressure increased.
Helium [HNT] has defied bearish sentiment about the broader cryptocurrency market after gaining 3% to trade at $6.88 at the time of writing. After these gains, HNT is now up almost 12% in one week.
HNT has not only achieved outperformance Bitcoin [BTC] in the last 24 hours, but it is also among the top performers among decentralized physical infrastructure (DePIN) tokens.
The recent upward trend has coincided with rising network activity, as Artemis data showed Helium weekly fees hitting a three-month high.
Source: Artemis
This spike in fees and price increase has renewed bullish sentiment that could precede a 12% price rally.
Bullish signs for HNT
The recent gains provided bullish signals around HNT, which has staged a V-shaped recovery on the daily chart. This shows that Helium is making a strong recovery after a sharp price drop.
Source: TradingView
The Moving Average Convergence Divergence (MACD) also shows a bullish shift after crossing the signal line.
However, the MACD line remains negative, showing that while the bulls are gaining strength, the overall trend remains bearish.
The MACD histogram bars have turned green due to increasing buying pressure.
The Relative Strength Index (RSI) also rose above 50 earlier this week for the first time since early October, showing bullish momentum. This indicator points north, indicating that HNT’s upward trend is due to buyers.
If this buying activity continues, HNT could rise 12% from the current price to the Fibonacci level of 1.618 ($7.81).
At this price, HNT will have completed its V-shaped recovery and could continue to rise if market sentiment remains positive.
Increasing activity in the derivatives market
Data from Mint glass shows that HNT is attracting interest from derivatives traders. Futures trading volumes were up 60% at the time of writing, while Open Interest rose 3% to the highest level in almost three weeks.
Source: Coinglass
The rising Open Interest shows that speculative activity around Helium is increasing, which could cause volatility.
The Long/Short Ratio of 1.04 also indicates a balance between long positions and short positions. This shows that despite recent gains, short sellers are not opening new positions, indicating that they are convinced of the uptrend.
Read Helium [HNT] Price forecast 2024–2025
In addition to increasing speculative activity in the derivatives market, positive market sentiment could also support Helium’s upward trend.
Data from Market Prophet shows that public sentiment around Helium is positive. However, smart money remains bearish.
