Solid Rising Momentum In Helium Token: Will The Rise Continue

• In the last 1 year, the Helium token price has advanced by 249%.
• HNT token’s price has decreased by 90% from its all-time high price.

The Chain Broker’s ranking of the Helium token has been #69, followed by strong performance metrics and social development. Despite this, the token’s security score has certainly been low at 75.53, per Certik Skynet.

Security Overview Of Helium | Source: Certik Skynet

HNT’s market cap witnessed an advance of 6.8% in the last 24 hours. Despite that, the token’s traded volume value witnessed a decline of 18.3%. 

The Helium token’s market cap value has been $852.057M, followed by the traded volume value of $16.346M. This further resulted in a volume/market cap ratio of 1.92%, showing very low liquidity in the token. That made it difficult to buy or sell the token in different market conditions.

The token’s price volatility was high at 15.92% at press time, while its sentiment was bullish. The fear and greed index was at 69, supporting the token’s bullish sentiment.

Helium Token Derivatives Data Analysis

A huge surge of 88% in the  Helium token derivatives’ traded volume has been recorded in the last 24 hours. This further resulted in a traded value of $7.21M. 

Helium Token Derivatives Liquidation Chart | Source: Coinglass

In the last few days, the token has witnessed huge short liquidations. This showed that buyers have dominated the price in recent times. 

Also, the token’s recorded long liquidation is worth only $51.77, while the token’s short liquidation is worth $23.13K. This indicated how strong the dominance of bulls is in the token’s price.

The token’s open interest has further advanced by 9.89% in the last 24 hours. This further showed a rise in the number of open derivatives positions in the token. 

What Insights Does the HNT Token Technical Chart Give?

When writing, seven green candles were consistently formed on the HNT token’s daily chart. It showed a strong bull bias in the price and a strong bullish sentiment.

HNT Crypto Daily Price Chart | Source: TradingView

The HNT price witnessed consistent profit booking for 150 days and took support at the lower levels at the beginning of July 2024.

The declining price behavior led to a descending triangle pattern, and the HNT token price further broke out above the same. This breakout triggered a strong surge in the token’s price in just a few days.

HNT/USD Chart by TradingView

Although the EMAs traded in a death crosspver. At the same time, the token’s price had advanced above the 50-day and the 200-day EMAs. It showed uncertainty in the token price.

The MACD gave a strong buy signal as the metrics have advanced above the bullish trajectory. The histograms further formed on the chart are strongly bullish.

The RSI also hit the overbought zone and traded at a level of 79.3. The breakout was followed by closing above the 14-day SMA.

HNT token Exhibited a Strong Bullish Momentum

Helium token (HNT) exhibited a strong bullish momentum with a 249% annual gain. 

Significant derivatives volume and bullish technical indicators have supported continued upward movement despite high volatility and low liquidity. A recent breakout from a descending triangle pattern further bolsters its bullish outlook.

The support levels for the HNT token price are $2.90 and $4.40, followed by the resistances of $6.90 and $10.30.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.