- HNT broke out of a bullish flag sample, eyeing a key resistance at $7.90.
- Increased social dominance and rising Open Interest steered continued bullish momentum.
Helium [HNT] has been displaying robust upward momentum after breaking out from a bullish flag sample on the day by day chart, with the value at $7.87 at press time, up 19.38% up to now 24 hours.
This surge is accompanied by a major quantity improve of 176.42%, bringing whole buying and selling quantity to 51.86M.
As HNT approaches the important resistance stage at $7.90, it’s poised for potential additional features.
With favorable technical indicators and rising market curiosity, the coin could possibly be on the verge of a major rally, probably heading towards $11 within the close to future.
What does the bullish flag breakout imply for HNT?
Helium’s breakout from a bullish flag sample indicators rising bullish momentum. A flag sample sometimes follows a pointy upward transfer, adopted by a interval of consolidation, earlier than breaking out once more.
This means that it might proceed its uptrend.
However, the token faces an important resistance at $7.90. A profitable breakout above this stage might push it towards $11, making this a key level for merchants to look at.
HNT’s RSI was 68.48 at press time, approaching overbought territory. While this might point out a short-term pullback, an RSI between 70-80 usually accompanies robust bullish developments.
Therefore, except Helium experiences a pointy correction, the coin might proceed to climb.
Source: TradingView
How is HNT’s social dominance impacting its worth?
The social dominance has risen from 0.156% to 0.167% up to now 24 hours. This improve suggests rising consciousness and discussions surrounding the coin, which might result in extra market curiosity.
Consequently, heightened Social Dominance usually drives worth actions as merchants take discover of the token’s rising presence.
This uptick in social consideration might assist gas HNT’s momentum and assist its breakout towards increased worth ranges.
Source: Santiment
What does the liquidation information point out about market sentiment?
HNT’s liquidation information reveals a bullish market sentiment. Shorts have been liquidated at $5.27K, whereas longs have been liquidated at a smaller worth of $1.45K.
This means that extra merchants are positioning for upward worth motion, reinforcing the present bullish development. As shorts are pressured to cowl, the shopping for strain might additional drive the value increased.
Source: Coinglass
Surge in Open Interest
Open Interest for HNT has surged by 18.29%, reaching $12.27M. This spike displays elevated dealer participation and rising confidence in HNT’s potential for additional features.
As extra positions are opened, the surge in Open Interest strengthens the case for continued upward momentum.
Source: Coinglass
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Conclusion: Can HNT break by way of to $11?
HNT’s breakout from the bullish flag sample, rising social dominance, and rising open curiosity counsel robust bullish potential. If HNT can break the $7.90 resistance, it might transfer towards $11.
However, the RSI signifies the potential of a short-term pullback. If the bullish momentum persists, HNT is prone to proceed its ascent.
