Helium Shows Signs of Potential Bullish Reversal
Helium (HNT) is currently trading at a critical support level of $3.10, which is the lower edge of a well-defined price channel. Analyst Ali Martinez has observed that the TD Sequential indicator has issued a “9” buy signal on the three-day chart. Historically, such signals at significant price points have often resulted in strong upward movements. If the support at $3.10 holds, HNT could experience a considerable recovery, with possible resistance levels at $4.90 and even $7.50. However, if the price dips below $3.10, it may fall further, with the next significant support level identified at $2.20.
Current Market Dynamics of HNT
As of now, HNT is valued at $3.34, reflecting a 5.92% increase over the past 24 hours. Despite this recent uptick, the token has seen a decline of 24.38% over the last week. The trading volume in the last 24 hours stands at $14.81 million, with a circulating supply of 180 million HNT tokens, bringing Helium’s market capitalization to approximately $591.75 million. The recent price fluctuations indicate ongoing uncertainty in the market, prompting traders to closely monitor key support and resistance levels.
Analyzing HNT’s On-Chain Activity
The HNT inflow and outflow metrics reveal significant volatility, with a crucial threshold set at $1.5 million. Historically, whenever inflows have surpassed this level, as seen in September and December, it has coincided with price recoveries and accumulation periods. Conversely, when outflows exceeded $1.5 million, like in mid-August and late January, it led to substantial price drops. Neutral flow conditions typically indicate market consolidation, resulting in minimal price changes.
Technical Indicators: Insights from RSI and MACD
The Relative Strength Index (RSI) for HNT currently stands at 33.11, approaching the oversold zone at 30. This suggests intense selling pressure but also points toward a potential price reversal if the RSI surpasses 40. Additionally, the MACD indicator indicates a slightly positive MACD line at 0.011, showcasing a recent bullish crossover with the signal line. This development suggests a weakening of the bearish trend, hinting at possible short-term upward momentum.
Price Forecast for Helium in February 2025
According to Coincodex’s market forecasts for February 2025, HNT could witness a potential price increase of 9.78%, with an expected average price of $3.62. The price is anticipated to fluctuate between $3.33 and $4.25, offering a potential return of 28.99% from its current position. Should bullish momentum continue to build, HNT may test significant resistance levels, further enhancing its long-term outlook.
Disclaimer
The information provided in this article is solely for informational and educational purposes. It does not serve as financial advice or any form of guidance. Coin Edition disclaims any responsibility for losses arising from the use of the content, products, or services discussed. Readers are encouraged to exercise caution before making any decisions related to the company.
