Will HNT's rise of 12% in 7 days continue?
Recently, Helium (HNT) has performed outstandingly in the cryptocurrency market. In the past 7 days, HNT has risen by 12%, making it stand out among numerous cryptocurrencies, especially excelling in decentralized physical infrastructure tokens.
Currently, the price of HNT is $6.88, having risen by 3% at the time of writing. It has even ignored the bearish sentiment in the broader cryptocurrency market, showing strong resilience.
From a technical perspective, HNT has shown a V-shaped recovery on the daily chart. The Moving Average Convergence Divergence (MACD) indicates a bullish shift after breaking the signal line, although the MACD line remains negative, the histogram bars have turned green. The Relative Strength Index (RSI) broke above 50 earlier this week for the first time since early October, indicating bullish momentum.
Additionally, the derivatives market also shows interest in HNT. Futures trading volume has increased by 60%, and open interest surged by 3% to its highest level in nearly three weeks. The long/short ratio is 1.04, indicating a relative balance between long and short positions.
However, there is some divergence in market sentiment. Data from Market Prophit shows that the crowd sentiment around Helium is positive, but the smart money remains bearish.
So, will HNT's rise continue? So far, HNT's performance over the past week has indeed been remarkable, but future trends remain uncertain. The increase in network activity and bullish signals from technical indicators provide some support, but market changes are difficult to predict. Investors considering HNT need to carefully assess risks and make decisions based on their investment goals and risk tolerance.
