Helium (HNT) Price Poised to Break $9 Amid Bullish Market Trend
Is the HNT Price on the Verge of Breaking the $9 Mark?
The price of Helium (HNT) appears to be gearing up for another test of the $9 mark. But what do the forecasts say? Are they in favour of the bulls? In the last four days, HNT has increased by 47%, making the market situation on the one-day price chart bullish. But will the $9 resistance zone, which dampened the HNT bulls in December, become a hurdle again?
Technical Indicators Show Bullish Trend
The technical indicators point to a strong bullish trend for the token. Combined with recent gains, it seems likely that the $9 area could be breached on this attempt. An HNT range from $5 to $8.9 has been identified over the past six weeks, with all three levels being significant. Therefore, a rejection in the $9 to $9.6 range could likely be possible.
The Role of OBV and Fibonacci Retracements
On the other hand, the upward trend of the On-Balance Volume (OBV) in January showed that buyers were relentless. Combined with the bullish market breakout on January 27, a breakout above $9.6 seems more likely than a rejection. However, this could depend on a bullish Bitcoin (BTC). Another factor supporting the breakout idea are the Fibonacci retracement levels. They show that the sharp decline in early January did not fall below the $5.18 level, which corresponds to the 78.6% retracement. Therefore, a rise to $10.96 or higher could be supported by the Fib levels.
Market Sentiment and Open Interest
Despite the volatility of the past month, the OBV and the Relative Strength Index (RSI) show a clear bullish trend in the market. However, the open interest chart showed that sentiment for most of January was bearish. Since January 25, however, open interest has been rising in parallel with HNT prices. This is a sign of strong bullish sentiment and willing buyers in the futures market. Therefore, HNT could break the $9 mark.
Sources: AMBCrypto, TradingView, Coinglass
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