Helium’s Potential Bullish Reversal from $3.10
Helium (HNT) is currently trading near an essential support level of $3.10, marking the lower edge of a parallel trading channel. Analyst Ali Martinez points out that the TD Sequential indicator has issued a “9” buy signal on the three-day chart. Historically, similar signals at crucial price points have often resulted in significant upward movements. Should this support level hold firm, HNT could experience a meaningful price rebound, with potential resistance levels identified at $4.90 and possibly even reaching $7.50. However, if the price falls below $3.10, it could lead to further declines, with the next significant support level positioned at $2.20.
Current Market Performance of HNT
HNT is presently valued at $3.34, reflecting a 5.92% increase over the past 24 hours. Despite this recent uptick, the token has experienced a decline of 24.38% over the previous week. The trading volume over the last 24 hours stands at $14.81 million, with a circulating supply of 180 million HNT tokens. This positions Helium’s market capitalization at approximately $591.75 million. The recent price fluctuations underscore ongoing uncertainty in the market, prompting traders to closely monitor support and resistance levels.
Analyzing HNT’s On-Chain Activity: Inflows and Outflows
The inflow and outflow data for HNT reveals significant volatility, with a critical threshold identified around $1.5 million. Historical data indicates that inflows surpassing this level, as noted in September and December, have coincided with price recoveries and accumulation phases. Conversely, outflows that exceed $1.5 million, observed in mid-August and late January, have led to considerable price drops. Neutral flow levels typically signify market consolidation, resulting in limited price movements. When inflows are above $1 million, they tend to stabilize prices, while similar outflows can exacerbate downward trends. The $1 million mark remains a crucial point for potential trend reversals.
Technical Indicators: Analyzing RSI and MACD
The Relative Strength Index (RSI) currently sits at 33.11, approaching the oversold threshold of 30. This suggests that there is considerable selling pressure, though it also indicates a potential reversal if the RSI surpasses 40. Additionally, the MACD indicator reveals a slightly positive MACD line at 0.011, with a recent bullish crossover occurring against the signal line. This development suggests a weakening of the bearish trend and the possibility of short-term upward momentum.
Price Forecast for Helium: February 2025 Predictions
Market projections from Coincodex for February 2025 indicate a potential price increase of 9.78%, with HNT expected to average at $3.62. Price fluctuations may range between $3.33 and $4.25, providing a potential return of 28.99% from current levels. If bullish momentum continues to build, HNT could challenge key resistance levels, which would further enhance its long-term outlook.
Disclaimer
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