Is Now the Right Time to Buy HNT?
- HNT’s bullish trend targets $20, driven by cup and handle pattern.
- Golden cross and MACD signal strong upward momentum for HNT.
Helium (HNT) is making headlines with a strong upward trajectory, surging 7% in the past 24 hours and recording an 11% rise in trading volume. Over the past month, HNT has climbed 25%, with its price breaking past the $8.40 mark. Analysts point to a “cup and handle” pattern on the price chart, a structure often associated with significant bullish rallies.
Projections suggest HNT could rally to $20, representing a 143.27% gain from its current level. However, experts caution that achieving this target depends on overcoming expected sell pressure around the $20 resistance zone.
Adding to the optimism is the formation of a golden cross on the price chart, signaling a strong bullish momentum. This pattern occurs when the blue line crosses above the orange signal line, underscoring potential for a sustained rally. At the time of writing, the MACD stood at 0.5498, compared to the signal line at 0.4557, reflecting growing momentum in favour of buyers.
HNT To Rally Further?
The Relative Strength Index (RSI), a key metric used to evaluate market conditions, further bolsters the bullish sentiment. With the RSI at 64, the asset remains below the overbought threshold of 70, suggesting room for further gains as buying activity intensifies.
In the derivatives market, sentiment also leans bullish. Data reveals a long-to-short ratio of 0.9976, indicating a surge in long positions. Additionally, HNT’s funding rate remains positive at 0.0353%, reflecting strong support for upward momentum from derivatives traders.
As HNT continues its ascent, analysts will watch for the asset’s ability to navigate resistance levels and sustain its bullish trend. For investors, the ongoing rally highlights both opportunities and the importance of cautious optimism in a volatile market.
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