HNT, the native token of the Helium network, is poised for a notable rally as it has formed a bullish price action pattern on the daily timeframe. Over the past few days, while most cryptocurrencies including Ethereum (ETH), Solana (SOL) and XRP seem to be struggling to rise, the value of HNT has risen 30% after a recent decline.
Helium Technical Analysis (HNT) and Upcoming Level
According to expert technical analysis, HNT’s recent upside momentum has led to a critical resistance level at $9.5. However, this is the third time HNT has tested this level and it appears to be weakening.
Based on recent price action and historical momentum, if HNT breaks this level and closes the daily candle above $9.85, there is a strong possibility that the asset could surge 22% to reach the $12 level in the near future.
Despite the notable rally, HNT’s Relative Strength Index (RSI) currently stands at 65, below overbought territory, suggesting the asset has plenty of room to continue its upward move in the coming days.
On the positive side, the 200 exponential moving average (EMA) on the daily timeframe is indicating an uptrend as it is below the current HNT price.
Growing open interest in HNT
HNT’s technical analysis is further supported by on-chain metrics. According to data analytics firm Coinglass, open interest in HNT futures rose 24%, reflecting strong interest and confidence among traders in the token as it approaches a decisive breakout.
If we combine on-chain indicators with technical analysis, it turns out that the bulls have entered the market and this time they can support the altcoin in overcoming the resistance level.
Current price momentum
HNT is currently trading around $9.47 and has risen over 13.10% in the last 24 hours. Over the same period, trading volume soared 265%, indicating increased participation by traders and investors driven by HNT’s bullish outlook.
