Journalist
Posted:
- HNT has surged by 24.2% over the past day.
- Helium was experiencing strong buying pressure, as validated by a bullish crossover.
Since reaching a local low of $3.2, Helium’s [HNT] has experienced significant for two consecutive days. In fact, as of this writing, Helium was trading at $4.1, hiking by 24.2% over the past day.
Over the same period, HNT has experienced a strong surge in volume, which has spiked by 84.36% to $11.84 million, while the Open Interest (OI) has increased by 20.13%.
This bullish trend has extended on weekly charts, rising by 20.04%. Before these gains, the altcoin was in a downtrend, dropping by 24.26% in 30 days.
With the recent price pumps, the question that arises is whether the altcoin can hold the uptrend and make more gains.
Can Helium hold the uptrend?
According to AMBCrypto’s analysis, Helium was experiencing strong buying pressure as a strong upward momentum slowly builds.
Source: TradingView
For starters, AMBCrypto observed this buying pressure as Helium’s RSI has surged from 36 to 49. Through this uptick, the RSI made a bullish crossover, signaling buyer’s dominance in the market.
Therefore, sellers have lost momentum after exhaustion, and buyers are currently enjoying total market control.
Source: Coinalyze
Looking further, Helium holders have turned bullish, with most traders getting long positions. As such, the Long/Short Ratio suggests that long positions are dominating the market, with 55.89% of the total futures accounts on 24-hour timeframes.
This implies that the majority of traders expect prices to hold the uptrend and make more gains.
Source: Messari
Additionally, Helium’s Funding Rate OI Weighted has remained positive for three consecutive days. When OI is rising while the Funding Rate is also increasing, it implies that more traders are leveraging long positions.
When this holds for a sustained period, it’s likely to cause a short squeeze as short position holders close their trade.
Source: Santiment
These market phenomena are validated by a positive funding rate aggregated by the exchange. This implies that investors are bullish across all exchanges as longs continue to pay short.
Is your portfolio green? Check out the Helium Profit Calculator
Helium is experiencing a strong upward movement as buyers retake the market. With bullish sentiment building, HNT is well positioned for more gains on its price charts.
If the prevailing market conditions hold, Helium could reclaim $4.6, strengthening the altcoin to face $5.0 resistance. However, if a market pullback arises, HNT will decline to $3.7.
