Helium (HNT) Faces Heavy Selling, Price Near $6
Key Takeaways
- The Helium token (HNT) is under significant selling pressure and could fall below the $6 USD mark.
- Technical indicators such as the Relative Strength Index (RSI) and the Awesome Oscillator (AO) suggest a continued downward trend.
- On-chain data shows declining activity, reinforcing the negative outlook.
Helium (HNT) Under Selling Pressure
Helium (HNT) is currently in a correction phase after its price dropped by 6% within 24 hours. At the time of analysis, the token was trading at $6.52 USD, marking the lowest level this month. Previously, HNT had reached a multi-month high of over $8 USD before selling pressure kicked in.
This decline follows a rally supported by the growth of the decentralized physical infrastructure network (DePIN). According to Coingecko, this network has reached a market capitalization of over $17 billion USD. However, selling pressure appears to outweigh the recent short-term gains.
Technical Analysis: Further Decline Possible
Technical analysis paints a clear picture: HNT is moving within a descending channel, indicating a continued correction. Each time the price has attempted to recover, traders have taken profits, suppressing the upward trend.
The Relative Strength Index (RSI), a measure of market strength, has hit lower lows and is currently at 41. This suggests that selling pressure remains strong, even though HNT has not yet entered “oversold” territory. If the price falls below the critical Fibonacci level of $6.70 USD, a further decline below the $6 USD mark could follow. The next support level would then be around $5.47 USD.
Another indicator, the Awesome Oscillator (AO), has also shown negative momentum. For the first time since mid-July, the AO has fallen below the zero line, indicating that sellers have taken control.
On-Chain Data Confirms Negative Trend
On-chain data also supports the bearish scenario. According to Artemis, the number of daily active addresses on the Helium network has dropped to 15,700—the lowest level this month. At the same time, daily trading volumes have increased, pointing to a rise in short-term trading activity.
On September 17, daily volume surged by $5 million USD to a total of $17 million USD. However, since the price has not risen alongside the volume, this suggests intense selling pressure. This could further impact the long-term outlook.
Additionally, data from Coinglass shows that the long-to-short ratio has fallen to 0.74. This means that the majority of traders are betting on falling prices and have opened short positions.
Our Assessment
Current technical and on-chain data suggest that HNT could remain under pressure in the coming days. Selling pressure is strong, and key support levels have already been breached. If the support at $6 USD also fails, the price could slide towards $5.47 USD. Traders should closely monitor market movements and adjust their positions accordingly.
Sources:
– Coingecko
– Artemis
– Tradingview
– Coinglass
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