HNT is trading in a large ascending wedge pattern with the peak of the structure around $4.45.
Clusters of short-term and long-term liquidity around the price may hint at a potential price move in the short term.
Helium [HNT] has seen modest growth of 1.68%, outperforming most of the top 100 cryptocurrencies in the past 24 hours.
On the 4-hour chart, HNT continues to trade in a large ascending wedge pattern, peaking near $4.45.
At the time of writing, HNT is maintaining around $3.967. A clear breakout above $4.45 could trigger a new move towards $5.00 or more.
Source: TradingView
Conversely, a break below the resistance support level at $3.60 could negatively impact the bullish setup, pulling this pair down to $3.40.
The MACD indicator gives a bullish crossover signal with the MACD line crossing the signal line at 0.011 and -0.004 respectively. The histogram is 0.015 in the upper range, signaling a potential bullish trend.
However, the fragility is indicated when the price is close to the trending support level at $3.60. If HNT maintains above $4.00 and surpasses $4.38, it could confirm bullish strength.
Conversely, if the price drops below $3.60, selling pressure could trigger with $3.40 as the next point of interest.
How liquidation levels may shape the next move
The Liquidation Heatmap analysis shows a large amount of short liquidity positions at $3.89 being liquidated. Other short positions continue to grow near this level.
At the current price, there are significant leveraged positions.
If HNT rises higher, the $4.36 cluster may attract price action, triggering more short liquidations and increasing volatility.
Source: Coinglass
On the contrary, if the price drops, liquidity emerging below $3.89 could pull the price down. This would lead to more short positions being liquidated.
These liquidity concentrations indicate short-term price opportunities in either direction.
Factors for the HNT use case
The core utility of Helium continues to increase.
The total number of mobile hotspots reached 94,570, an increase of 278 in seven days. Daily users rose from 75,571 to 681,066, while daily data transfer volume reached 21.47 TB, down 2 TB in the same period.
The increase in daily users and total number of mobile hotspots indicates a rise in adoption and usage of the network, which could positively impact HNT demand.
Greater network activity, represented by a large number of users, often correlates with high utility of the Helium network.
Source: Helium World
The decline in daily data transfer rate over the past week suggests that the change may not be permanent.
This volatility, due to network activity and efficiency, could impact market sentiment and HNT price.
However, broader market trends and the development of individual projects may also play a significant role in shaping its trajectory.
Source: https://tintucbitcoin.com/hnt-nguong-nay-giu-vung-vuot-moc-445-usd/
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