When writing, the crypto prices have mainly fueled mixed investor sentiments. Bitcoin (BTC) held firm at the $59K level, whereas Ethereum traded near $2,595. Helium’s native HNT token emerged 4% in green, among the day’s top gainers.
Furthermore, the global crypto market cap witnessed a 0.82% increase in value to $2.08 trillion. However, the total crypto market volume saw a 22.72% decrease to $57.23 billion.
Helium (HNT) ranked 56th in the crypto landscape, with a market cap of $1.139 Billion. It increased by 7% for the current trend continuation, a higher bullish interest. However, it also has a low liquidity present at 2.41%.
Are More Bulls On The Way To Extend Ongoing Rally?
Per the Coinglass, an increase in the derivatives trading activity of the HNT for the current trend was registered over the last 24 hours.
The open interest in Helium rose by 5%, with OIs reaching $6.68 Million. This was followed by its derivatives trading volume amounting to $10.70 Million.
Moreover, it was observed that the increased derivatives active were for the incoming bull pressure, which could extend the rally.
Intraday’s liquidation data further confirmed that the bullishness was rising in Helium (HNT). The short liquidation was higher at $2.87K, and the longs were less at $574.13.
What Does the Helium (HNT) Price signify?
In the past 45 days, the breakout out of the falling wedge had led HNT price to grow by more than 145%, where at press time, it traded at $7.136.
In the past, the Helium (HNT) had a robust bull run from the last quarter of 2023 and the first quarter of 2024. This took its price to a swing high of $11.16 from the low of $1.36.
However, the peak invited profit bookers, which showcased the mighty start of the bearish downward trend after March 2024.
Since that peak, the asset has been continuously declining. Also, the intense sell-off spanning more than 150 days led to a narrowed declining wedge.
This turned out to be a bullish pattern, precisely falling wedge after the price broke out on July 15th from the upper border.
Indicator Overview Of Helium (HNT)
A look at its 50-day and 200-day EMA bands signified that it acted as dynamic support with the recent liquidity grab candle on August 5th.
Other indicators, like MACD, have a growing histogram depicting current bullish momentum, where the graph indicated 0.109.
The signal line was at 0.594, and the main MACD line was at 0.701 and had a bullish cross. The momentum was above the zero line, which signified that the price was in the bullish vicinity.
Similarly, the RSI was at 65.19, above the 14-SMA of 62.41. The RSI was nearing the overbought, which could be a concern for the ongoing surge. Since the room seems low, the surge could extend briefly.
The Reason For Grown Optimism In Helium (HNT)
Launched in 2023, Helium Mobile has made significant strides in the telecommunications sector. It reinforced its position in the market.
The surge in open interest in HNT signaled a growing investor interest. This indicated that Helium is being recognized as a valuable asset in its own right rather than just a follower of Bitcoin’s trends.
Similarly, this boost in investor confidence could potentially drive HNT’s price higher shortly as long as it maintains its appeal and draws attention.
