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Helium (HNT) Price Surges Despite Weak Momentum Indicators

Published

5 hours ago

October 1, 2024

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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.

HNT Average Directional Index. Source: TradingView

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.

HNT EMA Lines and Support and Resistance. Source: TradingView.

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.

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Solana Price May Outperform Bitcoin

Published

43 mins ago

October 1, 2024

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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.

solana/bitcoin pair — SOL/BTC Pair. Source: TradingView

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.

SOL/BTC Pair and SOL/USD. Source: TradingView

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.

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Market

What Major Holder Activity Shows

Published

2 hours ago

October 1, 2024

admin

FET price is showing some unusual patterns that could impact its direction in the near future. Recent activity from major holders has caught attention, raising questions about what’s next for the token. While certain indicators point to potential gains, others suggest there might be caution among larger investors.

These conflicting signals are creating uncertainty around the short-term outlook. With the market closely watching, FET’s next move could be pivotal.

FET Whales Are Sending Paradoxical Signs

Big holders of FET have been showing paradoxical signs in recent days. Monitoring the actions of a coin’s whales is crucial because it provides insights into potential market moves, as large-scale holders can influence the price with their buy or sell decisions.

On September 28, there were 69 holders with between 100,000 and 1,000,000 FET tokens, and by September 30, this number had risen to 82, marking an 18% increase in just a few days. However, during the same period, holders with between 1,000,000 and 10,000,000 FET tokens dropped from 13 to 10.

This situation is unusual because while smaller large holders are accumulating, the biggest holders are reducing their positions, which could indicate a mixed sentiment in the market.

For FET’s price, this divergence might suggest some short-term upward momentum from new buyers, but the retreat of the largest holders could signal caution or potential selling pressure ahead.

FET’s Social Dominance 7-day Moving Average has seen a sharp decline, falling to 0.123%, down from 0.336% just a day ago and 0.668% on September 24. This decline matters because social dominance measures the level of attention and discussion a coin is receiving relative to the overall market.

A drop in this metric suggests fading interest or hype around the asset. Reduced social buzz often aligns with lower buying activity or enthusiasm from retail investors, indicating that excitement around FET may be waning for the time being.

FET Price and Social Dominance. Source: Santiment

However, it’s important to note that FET’s Social Dominance 7D MA hovered around 0.123% last month as well, yet that didn’t stop its price from climbing in the following days.

For example, between September 7 and September 12, FET rose from $1.07 to $1.42, showing that even with low social dominance, price increases are still possible if other factors drive demand.

FET Price Prediction: Can It Reach $1.87 Soon?

According to the In/Out of the Money Around Price chart, FET faces strong resistance at $1.68 and weaker resistance at $1.73. If these levels are broken, FET could quickly rise to $1.87, offering a potential gain of 14.7%. That could be driven by all the hype around artificial intelligence coins, which appear to be on the rise lately.

The In/Out of the Money Around Price metric tracks the distribution of holders who are in profit (in the money) or at a loss (out of the money) based on their entry price, providing insights into where selling pressure or buying support might come from.

It highlights key resistance levels at which holders might sell to secure profits and support levels at which buyers may step in to prevent further decline.

FET In/Out of the Money Around Price. Source: IntoTheBlock

However, if FET’s current trend reverses, there’s strong support at $1.58, but if that fails to hold, the price could drop as low as $1.38, indicating significant downside risk.

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Market

Why BONK Price Could Soon Reach the $0.000035 Mark

Published

3 hours ago

October 1, 2024

admin

Solana-based dog-themed meme coin Bonk (BONK) has seen its price increase by 37% in the last seven days. This development came after the broader market experienced a significant recovery, and other meme coin prices also jumped.

While some meme coins have seen their gains erased, BONK appears to be showing immense strength. As a result, the price could be set to go higher in the short term.

The Solana Meme Coin Stays Strong

With Bonk trading at $0.000024, the Awesome Oscillator (AO) on the daily chart supports a bullish outlook. The AO is a momentum indicator that compares recent price movements to historical trends, using a zero-line signal to determine whether momentum is bullish or bearish.

When the AO reading is below the zero line, momentum is bearish, and when it is above, momentum is bullish. Currently, BONK’s AO shows bullish momentum, suggesting that the recent sideways movement may soon lead to a significant upswing.

Bonk bullish momentum — Bonk Awesome Oscillator. Source: TradingView

Furthermore, the Bull Bear Power (BBP) aligns with this sentiment. The BBP shows the strength of buyers (bulls) and the strength of sellers (bears).

When the BBP climbs, bulls are in control, indicating that the price can increase. Conversely, if the BBP is negative, bears are dominant, and the price might drop if it intensifies. On the daily chart, BONK’s BBP is positive, suggesting that the price can go much higher than $0.000024.

Bonk bullish power increases — Bonk Bull Bear Power. Source: TradingView

BONK Price Prediction: The Rally May Continue

The daily chart shows BONK’s price nearing $0.000026, though it could encounter resistance at this level. With the current bullish momentum and dominance, the token may break through this region.

If successful, BONK’s short-term target could rise to $0.000030. However, this depends on whether bears can avoid pulling the price back to $0.000021.

Bonk Daily Price Analysis. Source: TradingView

If buying pressure intensifies, BONK’s price could rally toward $0.000035. Conversely, a drop in buying activity could invalidate this forecast, potentially pushing the Solana meme coin down to $0.000021.

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