Helium (HNT) sees 12% surge amid rising network activity
– Helium (HNT) saw a 12% price increase over the past seven days.
– The Relative Strength Index (RSI) rose above 50, indicating increased buying activity.
– Network activity and derivative markets show growing demand for HNT.
– Despite the rise, the overall trend remains slightly bearish.
Helium Defies Market Trend: 12% Price Increase in a Week
Helium (HNT) has recorded a remarkable 12% price increase over the past seven days. While many cryptocurrencies are currently struggling with a bearish market environment, HNT managed to break this trend and show positive performance. At the time of publication, the price stands at 6.88 USD.
Strong Network Activity as a Driver
A key factor behind HNT’s recent rise is the increasing network activity. According to data from Artemis, the weekly fees on the Helium network reached a three-month high. This increase in activity has boosted investor confidence and could further drive the price upwards.
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Technical Indicators Point to Upside Potential
The Relative Strength Index (RSI), an indicator used to measure buying power, rose above the 50 mark this week for the first time in over two weeks. This signals positive momentum and a potential continuation of the upward trend. The Moving Average Convergence Divergence (MACD) also shows a bullish shift after crossing the signal line. However, the MACD line remains in negative territory, indicating that the market is still somewhat uncertain overall.
Derivative Market Shows Growing Interest
In addition to the increased network activity, there is also growing interest in HNT in the derivative market. Data from Coinglass shows that HNT futures trading volume increased by 60%, while open interest, which measures the number of open positions, rose by 3%. These developments suggest increased speculative activity, which could lead to greater volatility.
Market Sentiment Remains Positive
Despite recent price gains, the market sentiment for Helium remains largely positive. According to Market Prophit, investor sentiment shows an optimistic outlook for HNT. However, “Smart Money,” or institutional investors, remain cautious and lean more towards a bearish stance.
Our Assessment
Helium is showing impressive performance despite an overall weak cryptocurrency market. The rising network activity and growing interest in the derivative market are clear signs of positive development. However, the overall trend remains slightly bearish, meaning investors should stay cautious. If buying power remains strong, HNT could see further short-term gains. A rise to the 1.618 Fibonacci level at 7.81 USD is possible if the positive market sentiment continues.
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