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- Helium posted one of the highest gains in the market, but hit a significant resistance hurdle.
- This recent pullback from resistance is a strategic repositioning, as HNT is moving within an ascending triangle, indicating potential for a rally ahead.
At press time, Helium (HNT) was trading within an ascending triangle, defined by a converging horizontal resistance and a sloping support line, signaling the potential for a breakout to new highs.
Despite this setup, HNT struggled to break above the resistance level at $7.895, leading to a partial retraction of its recent gains.
Such retracements are typical of this pattern, often allowing the price to fall back into the support zone, thus gaining momentum for a potential final rally.
Source: TradingView
If this scenario plays out, HNT could aim for higher targets known for liquidity clusters on the chart: $9.628 and $11.068.
Helium Bulls Active as Key Indicators Confirm Market Strength
The presence of bulls in the market is confirmed by two major indicators: the Relative Strength Index (RSI) and the Chaikin Money Flow (CMF).
The RSI, a momentum oscillator that measures the speed and direction of price movements on a scale of 0 to 100, was at 50.65 at press time. This indicates that HNT was in a favorable position for a rally.
However, the RSI also indicated a downtrend, suggesting that a short-term decline could occur before the anticipated upward move, which is consistent with the current technical pattern.
Source: TradingView
Similarly, the Money Flow Index, which measures the flow of funds in and out of an asset, shows a major surge for HNT, indicating active accumulation of the asset.
Triple-Digit Volume Increase Positions HNT as Trader Favorite
HNT’s trading volume saw a substantial increase of 136.5%, as noted CoinMarketCapindicating active buying by traders and a corresponding increase in prices.
Read Helium (HNT) Price Forecast for 2024-2025
Furthermore, according to Coin glassThe funding rate remains positive, meaning that long-term traders are willing to pay a premium to hold their positions. This reflects the market’s strong optimism about future price gains.
If these positive indicators continue, HNT is likely to extend its upward trajectory towards the targeted level.
