Helium’s native token, HNT, has been experiencing a significant uptrend, with its price rising over 100% this month. Despite the volatile market, HNT has remained stable and has been forming higher highs, indicating a bullish rally. The token has outperformed the market and doubled in value in the past three weeks. With a market cap of $690.91 million, HNT has entered the top 100 list and is currently ranked 96th. It is trading at $7.02 with an intraday rise of over 10.89%, displaying signs of bullishness. The increased trading volume reflects investors’ optimism.
On the daily chart, HNT has been trading inside a rising channel, accumulating gains and showing a significant bullish reversal. Technical indicators, such as a golden crossover and a bullish MACD crossover, support the positive trend. Cryptojack predicts that HNT could rally towards the $10 mark soon.
Despite some fear among investors, HNT has remained popular and has rewarded its holders. The futures Open Interest has increased by over 55.20% to $6.63 million, indicating that traders are betting more on long positions and expecting a price hike. Shorts were also liquidated more than longs, suggesting further bullish projections.
The current price action shows strong resistance levels at $7.80 and $8.30, which need to be surpassed for an extended bullish trend. On the other hand, the $6.50 level serves as immediate support, and a failure to maintain this zone could lead to a significant decline.