- Helium (HNT) coin price appears to be forming an ascending triangle pattern and is at a make-or-break situation.
- Despite market uncertainty, exchanges have recorded an outflow of $1.84 millon worth of HNT tokens, suggesting potential accumulation.
- Traders are over-leveraged at the $3.71 level on the lower side and $4.31 on the upper side.
Amid the ongoing market uncertainty, Helium coin price appears to be struggling to gain momentum and is on the verge of a downside crash. In recent days, HNT, the native token, has declined multiple times from the horizontal level of $4.45 and the 200-day Exponential Moving Average (EMA).
Now, the price has reached a key support level.
Current Price Momentum
At the time of writing, HNT was trading near $4.07, up 2.35% in the last 24 hours. This surge in price occurred as the asset reached a key support level. However, investors and traders appear to be hesitating to participate in the trade, leading to a 45% drop in trading volume compared to previous days.
Bullish On-Chain Metrics
Amid the ongoing price correction over the past few weeks, data from the on-chain analytics firm Coinglass reveals that traders and investors have seized the opportunity to bet strongly on the bullish side and accumulate the token.
$1.84 Million Worth of HNT Outflows
Data from spot inflow/outflow revealed that exchanges across the world, amid the price correction, have recorded an outflow of $1.84 million worth of HNT tokens.
This substantial token outflow from exchanges indicates potential accumulation, which could create buying pressure and trigger a further upside rally—potentially helping HNT recover after reaching a key support level.
Major Liquidation Levels
Meanwhile, during the same period, traders were found to be over-leveraged at the $3.71 level on the lower side (which technically acts as support) and at $4.31 on the upper side (resistance).
Data further reveals that traders at these levels have built $411.90K worth of long positions and $158.96K worth of short positions, respectively. This suggests that traders strongly believe the HNT price will not fall below the $3.71 support level.
Helium (HNT) Price Action and Key Levels
According to the TradingView chart, Helium coin price appears to be forming an ascending triangle pattern on the daily time frame. Amid the ongoing price correction, HNT has reached a key support level, supported by an ascending trendline, and is now showing signs of a price reversal.
Helium Coin Price Prediction
Based on the recent price action and historical patterns, if the Helium coin price experiences a further decline and breaches the support of the ascending trendline, it could open the path for significant downside momentum.
If this happens, HNT could see a price decline of over 15%, with the Helium coin price potentially reaching the $3.25 level in the future.
On the other hand, if the upside momentum continues and the Helium coin price breaches the prolonged resistance level at the $4.50 mark, it could open the path for HNT to soar 15%, potentially reaching the next resistance level at $5.50 in the coming days.
With the recent gain, HNT’s Relative Strength Index (RSI) has reached near 55, indicating that the asset is neither in overbought nor oversold territory. However, market sentiment and traders’ and investors’ views could push the asset in either direction.
At press time, the majority of crypto assets, including Bitcoin (BTC) and Ethereum, are showing a strong reversal, influencing other assets, which HNT is also experiencing. If this sentiment continues, Helium coin price could successfully breach the $4.50 resistance level.