Helium (HNT) has experienced a significant 47% increase in its value over the span of four days, with the trend still pointing upwards. The altcoin’s bullish market structure reversal is evident on the daily price chart, signaling continued positive momentum.
The Bullish Struggle in HNT
Despite previous resistance at the $9 mark in December, the current bullish trend and recent gains suggest a potential breakthrough. Technical analysis places the cryptocurrency’s trading range between $5 and $8.9, with a pivotal level at $6.95.
The past six weeks have shown the significance of these levels, hinting at a possible rejection from the $9-$9.6 zone. However, the market structure shift on January 27th, coupled with Bitcoin‘s performance, could influence HNT’s ability to climb above $9.6.
Supporting the breakout theory, HNT has maintained above the 78.6% Fibonacci retracement level during early January’s decline, suggesting a potential rise towards $10.96 or higher. Market indicators like OBV and RSI reflect a consistent uptrend despite recent volatility.
Contrarily, open interest analysis from Coinglass indicated a bearish sentiment for most of January. Nevertheless, a recent increase in open interest alongside HNT’s price rise points to a strengthening bullish trend and suggests that HNT could potentially surpass the critical $9 resistance.