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- Helium’s bullish thesis will only hold if the daily candle closes above $9.80.
- HNT’s Open Interest is up 13%, indicating growing trader participation amid a potential breakout.
Helium [HNT] appeared to create opportunities for traders amid the ongoing uncertainty in the cryptocurrency market.
However, HNT has caught the attention of crypto enthusiasts after an impressive 32% rally in recent days. With this significant price rally, the daily chart appears bullish, indicating a possible upside rally soon.
Helium-Price forecast for December 2024
According to AMBCrypto’s technical analysis, HNT was at a crucial resistance level of $9.45 at the time of writing. Historically, this level has acted as a strong point of selling pressure, leading to price declines.
This is the third time HNT has attempted to break this hurdle. Over the past two days, it has experienced a price drop.
Source: TradingView
Based on the recent price action, if HNT breaks this resistance and closes a daily candle above the $9.80 level, there is a strong possibility that it could rise 30% to reach the $12.60 level.
Conversely, if the price fails to break the resistance, it could fall by 10% to reach the $8.10 level.
On the upside, the altcoin’s Relative Strength Index (RSI) currently stands at 60, below the overbought zone, indicating that the asset has plenty of room to rise significantly in the coming days.
HNT’s bullish thesis only holds true if the daily candle closes above $9.80, otherwise it could fail.
Rising Trader and Long Term Holder Interest
Furthermore, traders’ interest and confidence in the altcoin appear to be gradually increasing, as reported by the on-chain analytics company Mint glass.
Data shows that HNT Futures Open Interest is up 13% over the past 24 hours, indicating growing participation from traders anticipating a breakout.
Source: Coinglass
Meanwhile, there also seem to be long-term holders to show interest in the altcoin. HNT spot inflow/outflow data shows that the exchanges witnessed a modest outflow of $365,000 in HNT.
These outflows suggest that long-term holders are withdrawing tokens from exchanges, signaling a potential rally and signaling an ideal buying opportunity.
Read Helium [HNT] Price forecast 2024 – 2025
Combining these on-chain metrics with the technical analysis suggests that bulls are currently dominating the asset and could support HNT in overcoming the hurdle it has been facing for some time.
HNT’s current price momentum
Currently, HNT is trading around the $8.85 level and has registered a 5.5% price increase in the last 24 hours. During the same period, trading volume increased by 273%, indicating strong participation from traders and investors.
