- Helium’s daily chart appeared clear of any major hurdles, which could contribute to a smooth asset recovery
- HNT’s Open Interest is up 7% in the last 24 hours, indicating growing demand and interest from investors
Helium [HNT]at the time of going to press all set for a huge upside rally after retesting crucial support and breaking a descending trendline. As expected, This move seems to have completely shifted sentiment from a downtrend to an uptrend.
The technical analysis of Helium
According to AMBCrypto’s assessment, HNT appeared bullish after breaking out of the descending trendline that has acted as resistance since October 1, 2024.
In fact, the altcoin also broke the consolidation zone at $5.8 support.
Source: TradingView
In light of this positive outlook and the recent price action, there is a high probability that HNT could rise 30% to reach the $8.40 level in the coming days.
At the time of writing, Helium’s daily chart seemed free of major hurdles. This could allow assets to rise smoothly in the coming days.
Additionally, HNT’s Relative Strength Index (RSI) and 200-day Exponential Moving Average (EMA) hinted at a bullish outlook, while also indicating significant upside rallies.
Bullish statistics in the chain
HNT’s positive outlook can be further supported by its on-chain metrics. According to Coinglass, HNT’s Long/Short ratio had a value of 1.008 at the time of writing. This implied strong bullish sentiment among the altcoin’s traders.
The coin’s Open Interest (OI) increased by 7% over the past 24 hours, while also steadily increasing on the charts in the previous week.
This rising OI can be interpreted as a sign of growing investor demand and interest. This could likely be due to the recent crypto breakout and bullish market sentiment.
Source: Coinglass
Traders and investors often use rising OI and a Long/Short ratio greater than 1 when building long positions.
According to Coinglass, the key liquidation levels were at $6.06 on the downside and $6.5 on the upside, with traders being over-leveraged at these levels.
Combining these on-chain metrics with technical analysis, it can be concluded that bulls are currently dominating the asset. They can support HNT and help it reach the $8.40 level in the coming days.
Read Helium [HNT] Price forecast 2024-25
At the time of writing, HNT was trading around $6.37, having risen more than 8.2% in the past 24 hours.
During the same period, trading volume increased by 20%, indicating greater participation from traders and investors, compared to the previous days.