Helium looks to $11 – Trader behavior holds the key to HNT’s future

• Helium has recorded one of the highest gains in the market but has encountered a significant resistance hurdle.
• This recent retreat from resistance is a strategic repositioning, as HNT traded within an ascending triangle, indicating a potential for an upcoming rally.

At press time, Helium [HNT] was trading within an ascending triangle, defined by converging horizontal resistance and a sloping support line, signaling the potential for a breakout to new highs.

Despite this setup, HNT has struggled to surpass the resistance level at $7.895, resulting in a partial retraction of its recent gains.

Such retracements are typical in this pattern, often allowing the price to fall back to the support zone, gathering momentum for a final potential rally.

Source: TradingView

If this scenario unfolds, HNT could aim for higher targets known for liquidity clusters on the chart: $9.628 and $11.068.

Helium bulls are 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 change of price movements on a scale of 0 to 100, was 50.65 at press time. This indicated that HNT was in a favorable position for a rally. 

However, the RSI was also pointing downward, suggesting a short-term fall may occur before the anticipated upward movement, which is consistent with the current technical pattern.

Source: TradingView

Similarly, the Money Flow Index, which measures the flow of funds into and out of an asset, shows a major uptick for HNT, indicating active accumulation of the asset.

Triple-digit volume surge positions HNT as traders’ favorite

HNT’s trading volume has experienced a substantial increase of 136.5%, as noted by CoinMarketCap, indicating active buying by traders along with a corresponding price rise.

Read Helium’s [HNT] Price Prediction 2024–2025

Additionally, according to Coinglass, the Funding Rate remains positive, signifying that long traders are prepared to pay a premium to maintain their positions. This reflected strong market optimism about future price gains.

Should these positive metrics continue, HNT is likely to extend its upward trajectory towards the targeted level.