Helium Signals Possible Bullish Reversal at Critical Support Level
Helium (HNT) is currently trading around a crucial support price of $3.10, identified as the lower limit of a parallel trading channel. Analyst Ali Martinez highlights that the TD Sequential indicator has issued a “9” buy signal on the three-day chart, a pattern that has historically preceded significant price increases at pivotal levels. Should this support level remain intact, HNT may experience a substantial price recovery, potentially facing resistance around $4.90 and possibly extending to $7.50. Conversely, a drop below $3.10 could lead to further declines, with the next significant support identified at $2.20.
Current Market Performance of HNT
At present, HNT is valued at $3.34, marking a 5.92% increase over the last 24 hours. Despite this short-term uptick, the cryptocurrency has seen a decline of 24.38% over the past week. The token’s trading volume over the last day stands at $14.81 million, with a circulating supply of 180 million HNT, resulting in a market capitalization of approximately $591.75 million. These price movements indicate ongoing market volatility, with traders keeping a close watch on key support and resistance levels.
Analyzing HNT’s On-Chain Metrics
The inflow and outflow metrics for HNT reveal significant variations, particularly around the critical threshold of $1.5 million. Historically, inflows surpassing this amount have correlated with price recoveries and accumulation phases, as seen in previous months. Conversely, instances of outflows exceeding this threshold have led to notable price drops. Neutral flow levels often suggest market consolidation, resulting in minimal price movement. When inflows exceed $1 million, they typically support price stability, while similar outflows can exacerbate downward trends.
Technical Analysis: RSI and MACD Indicators
The Relative Strength Index (RSI) for HNT currently sits at 33.11, approaching the oversold region at 30, indicating significant selling pressure. Nevertheless, this also suggests a potential trend reversal could occur if the RSI climbs above 40. Additionally, the MACD indicator reflects a slight positive value of 0.011, indicating a recent bullish crossover with the signal line. This indicates a potential weakening of the bearish trend, suggesting the possibility of short-term upward momentum for HNT.
Future Price Projections for HNT: February 2025
Market forecasts from Coincodex for February 2025 predict a potential price increase of 9.78%, projecting HNT to average around $3.62. Price fluctuations are anticipated to range between $3.33 and $4.25, which would represent a potential return of 28.99% from current levels. Should bullish momentum continue to build, HNT may challenge key resistance levels, further enhancing its long-term prospects.
Disclaimer
The information contained in this article is intended for informational and educational purposes only and does not serve as financial advice. Coin Edition is not liable for any losses that may arise from the use of the content, products, or services mentioned. Readers are encouraged to exercise caution before making any decisions related to the company.
