Helium’s TD Sequential Indicator Signals Possible Bullish Trend
Helium (HNT) is currently trading around a crucial support level of $3.10, which marks the lower edge of a parallel price channel. Analyst Ali Martinez has pointed out that the TD Sequential indicator has produced a “9” buy signal on the three-day chart, suggesting a potential bullish reversal. Historically, such signals occurring at significant price points have often resulted in considerable upward price movements. Should this support level hold, HNT might experience a notable price rebound, with resistance levels projected at $4.90 and possibly reaching as high as $7.50. However, if the price falls below $3.10, it could lead to further declines, with the next substantial support level identified at $2.20.
HNT’s Current Market Performance
As it stands, HNT is priced at $3.34, representing a 5.92% increase over the past 24 hours. Despite this recent uptick, the cryptocurrency has seen a decline of 24.38% over the previous week. The token has a trading volume of $14.81 million in the last 24 hours, with a circulating supply of 180 million HNT, resulting in a market capitalization of approximately $591.75 million. Recent price movements indicate ongoing uncertainty in the market, prompting traders to closely monitor both support and resistance dynamics.
Analyzing HNT’s On-Chain Activity: Inflows and Outflows
The HNT inflow and outflow data depict significant volatility, particularly around the $1.5 million mark. Historical patterns reveal that inflows exceeding this threshold, noted during September and December, have coincided with price recoveries and accumulation periods. Conversely, outflows surpassing $1.5 million, which occurred in mid-August and late January, have been associated with sharp price drops. Neutral flow conditions typically suggest market consolidation, resulting in minimal price movements. When inflows exceed $1 million, they generally bolster price stability, whereas significant outflows tend to exacerbate downward price trends, marking the $1 million level as crucial for potential trend reversals.
Examining Technical Indicators: RSI and MACD Insights
The Relative Strength Index (RSI) currently stands at 33.11, approaching the oversold threshold of 30. This suggests intense selling pressure but also implies that a reversal could occur if the RSI climbs above 40. Additionally, the MACD indicator indicates a slightly positive MACD line at 0.011, showing a recent bullish crossover with the signal line. This could signify a weakening of the prevailing bearish trend and the potential for short-term upward momentum.
Future Price Outlook for Helium: Projections for February 2025
Market forecasts from Coincodex for February 2025 indicate a potential price increase of 9.78%, with HNT expected to average around $3.62. Price variations may fluctuate between $3.33 and $4.25, presenting a possible return of 28.99% from its current position. Should bullish momentum strengthen, HNT could test critical resistance levels, further enhancing its long-term prospects.
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