- The sales volume for HNT has increased above its purchase volume on the derivative market
- Hnt could establish a new two months lower while more sellers are putting pressure on Altcoin
Helium (HNT) was in the lower phase in the last month, recording a loss of 20.11% on the graphics. In fact, the feeling of the market for HNT also dropped, the same coinciding with an increase in sales pressure across the market.
Despite this sales signal, however, there may be a slight hope for the resumption of HNT when some market players are starting to change. For example – on the derivative market, some groups are gradually opening long positions, while on the cash market, optimistic activity could become in the field.
Overvoltage of sales volume
On the derivative market, the sales volume has so far exceeded the purchase volume. This was highlighted by the buyer’s purchase ratio, also known as a long / short ratio, falling at 0.963. When this ratio drops below the threshold of 1, it points to a sale pressure in this period – generally 24 hours. A ratio greater than 1 means a stronger purchasing power on the derivative market.
Now, while the sales volume has intensified in recent weeks, the number of unstable derivative contracts has dropped from 19.80% to $ 4.96 million, as measured by open interests.
A drop in open interest, in parallel with a drop in volume, generally means a downward market scenario.
Source: Coringlass
On the cash market, the feeling is also somewhat different because the exchange Netflows have been negative in the past two days. To put it simply, this means that traders move their assets to private wallets for long -term detention. Whenever this metric has a positive reading, it is a sign of sales activity.
About $ 250,000 of HNT have been transferred outside the scholarships in the last two days – $ 119,480 the day before and $ 130,520 in the last 24 hours.
Source: Coringlass
However, although the recent feeling can offer us a certain optimism, a broader perspective using weekly data revealed that the sellers have retained their domination.
Therefore, there is a good reason behind the merchants of the HNT market which are cautious.
A business less than $ 2.85 depends on buyers
On price graphics, HNT faces the risk of a clear drop while its price continues to follow a descending trend line, gradually pushing the assets below.
If the sale of pressure is gaining momentum at this level, HNT could fall to its $ 2.85 – at 2024 low, established on June 18 – and perhaps further, according to the momentum of the market.
Source: tradingView
However, the drop will depend on the level of support at $ 3.315. If this level has remained, it could provide a cushion and prevent the drop more. The Altcoin financing rate becoming positive at the time of the press with a value of 0.0176%, it is a sign that certain feelings of purchase still exist.
