Helium’s native token HNT has been in an overall bullish territory. Helium (HNT) price rose more than 100% this month, giving bullish cues.
As one of the top-performing coins in the past few weeks, the HNT remained stable during the volatile market. As the minor hiccups were conquered, the trend reversal was pushed forward and buyers are eyeing the $10 mark.
Trading inside a rising channel, HNT token continued to form the higher high swings and has persisted in extending the bullish rally.
Sustaining beyond the key moving averages, the token reflected buyers’ strength. Considering the bullish projections, the token has been outperforming the market and surged massively and doubled in value in the past three weeks.
Amid the improved market sentiments, the token was looking to extend the bullish rally. Yesterday, HNT formed a bullish engulfing candlestick and reflecting a noteworthy pullback from the 20 day EMA mark.
With a market cap of $690.91 Million, the token has entered the top 100 list, ranked 96th. At press time, the token was trading at $7.02 with an intraday rise of over 10.89%, displaying signs of bullishness. With a surge over 188% in the trading volume, it represents the investors’ optimism.
Will Helium (HNT) Price Rise Toward $10?
On the daily chart, the HNT token continued to accumulate the gains and traded inside a rising channel.
Since the beginning of this month, the token was indulged in making a base at around $3. Afterward, a significant bullish reversal was observed and the token flew over 100% till this month.
In addition with the price rise, the technicals look robust, a golden crossover was exhibited which drove the bullish rally.
Cryptojack in his recent tweet mentioned that HNT was gaining rapidly inside a rising channel and could spread the rally toward the $10 mark soon.
The daily RSI curve remained in the overbought territory, bolstering the positive trend in action. Furthermore, the MACD indicators displayed a bullish crossover, indicating a continuation of an uptrend.
Rise in Popularity
Amid the consistent price growth, the token remained a centre of attraction. Despite the significant ups and downs in the past few weeks, the token has rewarded its holders.
However, the weighted sentiment curve showed a dip and moved below the zero line, reflecting fear among the investors. However, the short term bullish trend is intact and the token may continue to gain ahead.
A massive increment in the futures Open Interest of over 55.20% to $6.63 Million was noted in the past 24 hours. It suggests that traders are betting more longs and looking for a price hike.
At press time, more than $21.2k shorts were liquidated, whereas only $1.2k longs were liquidated, implied bullish projections.
The current price action shows strong resistance levels at $7.80 followed by $8.30. These levels need to surpass for an extended bullish trend ahead. Meanwhile, the $6.50 level serves as an immediate support zone, if the token fails to secure the zone, a significant decline could be seen ahead.
