Market
Helium (HNT) Price Surges Despite Weak Momentum Indicators
Helium (HNT) price has been on the rise despite the broader market downturn. What could be behind this? Although HNT is currently in an uptrend, several indicators suggest the strength of this trend may not be as solid as it seems.
The ADX reveals a weakening trend, and while the RSI indicates there could be room for further growth, the low momentum raises questions about whether the uptrend can sustain itself.
HNT ADX Shows The Current Trend Isn’t Strong
HNT’s ADX has dropped significantly to 13.28, down from a strong reading of 40 on September 18, signaling a major weakening in the strength of the current trend.
The ADX (Average Directional Index) is a technical indicator that helps determine the strength of a trend, regardless of its direction. When the ADX is above 25, it generally indicates that the trend is strong and likely to continue. Values below 20 suggest a weak or non-existent trend.
Read more: Helium (HNT) Price Prediction 2024/2025/2030
With HNT’s ADX now well below the 20 threshold, this points to a lack of momentum behind the current price movement. Even though HNT is still in an uptrend, the low ADX suggests that the trend lacks the necessary strength to sustain itself.
This weakness could result in the trend reversing in the near future as it becomes more susceptible to selling pressure or a shift in market sentiment. A declining ADX in this range indicates that traders should be cautious, as the uptrend may not last much longer if momentum continues to fade.
Helium RSI Shows A Price Increase Potential
HNT’s RSI is currently at 50.21, which reflects a neutral stance in terms of market momentum. That indicates that the price is neither overbought nor oversold. The RSI (Relative Strength Index) is a technical indicator that helps traders gauge the speed and change of price movements by measuring the magnitude of recent gains against recent losses.
It oscillates between 0 and 100, with readings above 70 suggesting overbought conditions — where a price correction might be imminent. On the other hand, readings below 30 indicate oversold conditions — where a rebound may be expected.
With HNT’s RSI at just over 50, the token finds itself in a balanced zone, meaning there isn’t excessive pressure from either buyers or sellers at the moment. This positioning leaves the door open for further price growth. That happens because the RSI has not yet reached levels that would signal an overheated market.
Given that HNT has already shown an upward trend with a 3.05% gain over the last 7 days, the biggest winner among the biggest DePin coins, the current RSI suggests that there could still be room for additional price appreciation.
On the other hand, ADX shows that the current trend is not strong enough. The balance between these two should is fundamental to track the next steps for HNT price.
HNT Price Prediction: Key Resistance at $8
HNT’s EMA lines are currently positioned in a bullish formation, having formed a golden cross on September 23. This golden cross occurs when a short-term EMA crosses above a long-term EMA. That signals the potential for a sustained upward trend.
However, despite this positive formation, the distance between the EMA lines remains relatively narrow. That suggests that the trend isn’t fully established or strong yet.
The Exponential Moving Average (EMA) is a technical indicator that tracks the average price of an asset over time but gives more weight to recent price movements. That makes it more responsive to price fluctuations than a simple moving average.
Read more: What Is DePIN (Decentralized Physical Infrastructure Networks)?
While the current EMA setup points to bullish potential, HNT has been facing resistance at the $8.00 level, struggling to break through this key barrier. If it manages to clear this resistance, it could rise to $8.70, offering a potential 10% gain.
However, with the ADX indicating a weak trend, there’s a real possibility that the momentum may fade. That means the uptrend could reverse. If this happens, HNT’s price could drop as low as $6.30, a substantial 20% decline.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Fantom (FTM) Price Aims for $1, Pushing 100 Million Tokens Into Profit
Fantom (FTM), currently transitioning to Sonic (S), is one of today’s top market gainers, with its price rising by 8% in the last 24 hours.
As FTM climbs, indicators point to the potential for even greater gains. This analysis outlines the factors driving the token’s rise, key resistance levels to watch, and the potential benefits for investors.
Fantom Plan to Put Worried Holders Out of Pain
As of this writing, Fantom’s price is $0.75, meaning 53% of the total FTM holders are now in profits. However, according to the Global In/Out of Money (GIOM) Around Price, holders who are currently out of money might soon gain from the price appreciation.
The GIOM classifies addresses based on those making money at the break-even point and those in losses at the current price. Using an average on-chain cost basis, the indicator can tell how much volume can become profitable or otherwise, depending on the price action.
Also, the larger the clusters, the stronger the support or resistance. According to IntoTheBlock, about 25,230 addresses that accumulated FTM between $0.94 and $1.50 are currently holding over 100 million tokens at a loss.
Read more: How to Add Fantom to MetaMask: A Step-by-Step Guide
However, with strong support of around $0.75, these addresses might soon be in the money, indicating that the volume in these regions could soon be valued at $75 million. Fantom’s Open Interest has also increased, suggesting that more money is flowing into FTM-related contracts.
Historically, whenever this happens when FTM’s price increases, the uptrend becomes stronger. Thus, it is likely that the token’s uptrend might continue, and FTM’s price could close in on the $1 mark.
Interestingly, crypto trader Ansem also seems to align with the bullish bias. The trader, who has 503,900 followers on X, noted that the last quarter was for accumulation, while this new one will see FTM price trade much higher.
“FTM price action is a good indicator of the different regimes we are in now. March-> July: alts down only [-70-80%]. July -> September: sideways accumulation. currently, continuation without high timeframe retests is usually the beginning of aggro trend,” Ansem wrote.
FTM Price Prediction: Higher Values Only
On the daily chart, FTM’s price increased after a bullish inverse head-and-shoulders pattern formed. Currently trading at $0.75, BeInCrypto examined the Directional Movement Index (DMI) to support the continuation of the altcoin’s uptrend.
As the name implies, the DMI measures a cryptocurrency’s trend. At press time, the DMI (red) was down to 5.68, which indicates that sellers are not in control. On the other hand, the DMI (green) was higher at 2.08.
In addition, the Average Directional Index (ADX), which measures directional strength, has increased. At press time, the ADX (yellow) is 48.49, suggesting that Fantom’s price might continue to move up.
Read more: 9 Best Fantom (FTM) Wallets in 2024
If validated, FTM’s price might surpass the $0.84 resistance in the short term. If that is the case, the altcoin’s next move could be to $1.01 and possibly $1.14. However, the token could pull back if the FTM holder’s book profits in large volume. If that happens, FTM could decline to $1.14.
The post Fantom (FTM) Price Aims for $1, Pushing 100 Million Tokens Into Profit appeared first on BeInCrypto.
Market
Is the Altcoin Season Here?
After closing at a two-year high of 58.41% on September 19, Bitcoin’s dominance (BTC.D) has initiated its downward trend, noting a 2% decline. Meanwhile, the combined market capitalization of all altcoins (TOTAL2) has surged, indicating a shift in investor sentiment.
However, this is not without a catch. TOTAL 2 has experienced a steady decline, signaling a slowdown in market activity as traders hold back, waiting for the catalyst to spark the anticipated bull run in the year’s final quarter.
Altcoin Season May Be Underway, But With Weak Momentum
TOTAL2 is currently at $927 billion at press time, climbing by 5% since BTC.D started to fall. This reflects the surge in demand for altcoins over Bitcoin in the past ten days.
However, TOTAL2’s momentum indicators signal that buying pressure has weakened over the past few days. This is driven by a slowdown in broader market activity as traders wait for a trigger to ignite the highly anticipated “Uptober.”
For instance, the size of the histogram bars in TOTAL2’s Moving Average Convergence/Divergence (MACD) indicator has gradually decreased over the past few days.
Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
While the MACD line (blue) remains above the signal line (orange), indicating that buying activity is outpacing selling pressure in the altcoin market, the shrinking size of the histogram bars typically signifies a weakening momentum in bullish trends.
Furthermore, the declining bars of TOTAL2’s Elder-Ray Index, which measures the strength of the bulls and bears in the market, support this position. Although this indicator has shown green bars, indicating that bulls are currently in control, the diminishing size of these bars suggests that buying pressure is weakening and that bulls are gradually losing their grip on the market.
Altseason May Arrive Much Later
After spending 20 days below TOTAL2, the dots of its Parabolic Stop and Reverse (SAR) indicator flipped to the top during Monday’s trading session, signaling a shift in market sentiment. This reversal often indicates that the prevailing uptrend is losing momentum and that a downtrend could begin.
Moreover, according to data from Blockchain Center, the altcoin season commences when at least 75% of the top 50 altcoins outperform Bitcoin over a 3-month period. Currently, only 49 of these assets have surpassed Bitcoin’s performance in the last 90 days. Hence, the altcoin season has not yet arrived.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Solana Price May Outperform Bitcoin
Solana is gearing up for a potential price surge against Bitcoin as the SOL/BTC pair inches closer to a bullish breakout. After a prolonged period of consolidation within a symmetrical triangle since March, SOL/BTC is making another attempt to rally past the upper resistance line.
A successful attempt will cause Solana to exchange hands at a multi-month high. This analysis explores the possibility of this happening.
Solana Seeks To Outshine Bitcoin
The SOL/BTC pair represents the exchange rate between Solana and Bitcoin. It currently stands at 0.0024, which indicates a 14% rally over the past 12 days.
When the SOL/BTC pair rallies, SOL’s value increases relative to BTC. This means that SOL holdings are becoming more valuable in terms of BTC.
A look at the SOL/BTC pair on a one-day chart reveals that it now trends toward the upper line of the symmetrical triangle it has traded within since March. When an asset trades within this pattern, its price fluctuates between two converging trend lines, forming resistance and support levels.
Read more: Solana vs. Ethereum: An Ultimate Comparison
A breakout above this upper resistance would indicate that the bulls have overpowered bearish forces, confirming the potential for further price gains. The positive readings from the pair’s Balance of Power (BoP) suggest that this breakout may be likely in the near term.
The SOL/BTC BoP, which measures the relationship between buying and selling pressures in the market, is 0.8 at press time. When this indicator is positive (above zero), buying pressure is stronger than selling pressure within the market. It indicates there are more buyers than sellers, driving the price upward.
The pair’s Relative Strength Index (RSI) supports this bullish thesis. As of this writing, the RSI, which tracks oversold and overbought conditions in the market, is in an uptrend at 60.26. This signals that SOL accumulation is high among market participants, dwarfing all profit-taking efforts.
Solana Price Prediction: A Multi-Month High Is Imminent
The SOL/BTC pair could be driven to new highs if demand for Solana continues to outpace Bitcoin’s. Readings from the pair’s Fibonacci Retracement tool suggest that a successful break above the upper resistance line will push it to 0.0031, a level last seen on March 18.
Should this occur, SOL may trade above $200 for the first time in seven months.
Read more: Solana (SOL) Price Prediction 2024/2025/2030
However, if Bitcoin gains strength against Solana, causing the pair to decline, the attempt to break resistance could fail, and the pair may continue to trend within the descending triangle. In such a scenario, it might drop to support at 0.0021, bringing Solana’s price down to $133.58 if buying pressure weakens significantly.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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