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HNT’s rally to $10 – Here’s why traders’ interest could be key!
In recent times, Helium (HNT) has gained significant traction, with its price skyrocketing by 12.50% in the last 24 hours. Despite a dismal performance over the past week with a drop of 16.60%, HNT’s monthly performance still stood at an impressive 20.14%. As traders continue to flock into the market, the asset could potentially continue its uptrend and hit new heights.
A critical support level was recently breached by HNT, which triggered a rapid rise in price as the asset rebounded from the oversold zone near the lower Bollinger Band. This upward movement is likely to persist, with the upper band at $9.654 serving as a key resistance point for further gains. The target of $10 seems within reach.
Despite a slight decline in buying pressure as indicated by the Money Flow Index (MFI), this metric remains above 50, indicating an overall positive sentiment. Additionally, traders continue to bet on HNT’s potential to trend higher, as seen through an influx of new contracts being opened in the Futures market. Data from Coinglass shows a massive surge of 10.98% in Open Interest over the past day, with the Funding Rate currently reflecting a skewed market favoring long positions.
As a result, it appears that HNT’s price action is now largely driven by an influx of traders joining the party. As more investors become involved, this rally could gain further steam and continue its upward trajectory.
Source: ambcrypto.com
