Helium’s 10% rally nears $9.5 resistance—can the positive metrics initiate a breakout?
- Helium surged by about 10% in the last 24 as its trading volume spiked. The token’s rising Open Interest and liquidation levels underscored optimism but warned of potential volatility near key resistance levels.
Helium’s [HNT] has been in the market spotlight with a 10% price surge in the last 24 hours. As of writing, the bullish momentum was accompanied by a 12% surge in trading volume, indicating a jump in investor interest.
Source: TradingView
As the price of Helium approaches the critical resistance at $9.5, market participants are wondering whether the rally will maintain its strength or weaken.
Helium’s strong performance
Helium emerged as one of the top gainers in the last 24 hours, defying broader market fluctuations. The daily chart indicates a rally towards $9.5, a critical level that could determine the next direction for the token.
A breakout above this resistance might pave the way for a further bullish rally, potentially targeting the $10 psychological level.
However, failure to breach it could trigger a pullback.
The market indicators point to a potential rally
On the daily chart, a clear uptrend is evident. This uptrend is supported by an ascending trendline originating from Helium’s recent lows around $2.8.
The altcoin price is currently approaching the $8.2 support level, which initially acted as the ascending triangle pattern resistance level.
In short time frames, the token is setting the stage for a potential rally, as seen in the recent 10% surge.
Source: TradingView
Also, Coinglass liquidation data reveals increased leverage positions. The data reports a 56.70K liquidation pool at $8.3648 price level.
This suggests a rising risk among over-leveraged traders and also a bullish bias that could push the price up to a significant price level.
Source: Coinglass
Similarly, Open Interest(OI) trends support this optimism, with figures showing sustained growth. This reflects a growing confidence in Helium’s price action.
Concurrently, the token’s trading volume aligns with these findings, surging alongside the price, a typical indicator of healthy bullish trends.
Source: Coinglass
Broader market conditions have been favorable, with Bitcoin’s steady price bolstering altcoin performance, including HNT. However, the big question is whether Helium can rally past the key resistance level of $9.5.
Is your portfolio green? Check out the Helium Profit Calculator
As Helium approaches the $9.5 resistance, bulls will need significant buying pressure to sustain the uptrend.
The market’s response at this level will be crucial. A breakout might lead to a swift rally towards $10, while rejection could push the price back to the $7.8-$8 support zone.
Take a Survey: Chance to Win $500 USDT
Next: ONDO’s short-term price targets could be under threat – Here’s why
Source
