Helium needs to end the daily meeting above $4.24 to establish a bullish daily market structure. The recent bounce to $4.18 has formed a range above $3.3. Helium [HNT] has fallen 68.5% from its resistance of $9.54 in December, retesting the psychological support of $3 last week. In just two months, the price has decreased by 68.5%. Since December, the lack of strong buying and the continued downward trend indicate that the $3.3 area is the next bearish target.
Despite a 28% bounce, Helium has not broken the downward trend. The market structure on the daily chart for HNT is bearish. The recent lower high of $4.24, highlighted in orange, remains a level to beat. Over the past two weeks, bearish momentum has started to weaken. A bullish divergence occurred in the first week of February when the price was lower, but the RSI’s low was higher. Since then, Helium has managed to bounce from the $3 support level, gaining 28.5% in less than a week. According to the A/D indicator, this rebound has not been accompanied by high buying volume. The volume indicator has remained in a downward trend since mid-December, although it has bounced in the past ten days.
The one-week liquidation heat map indicates a large liquidity cluster around $3.6. This area was tested on February 10, after which the price quickly surged to $4.19. This rapid rebound was likely partially due to a series of short liquidations. Since then, volatility has decreased, and HNT has consolidated below the $4 level. The magnetic zone at $3.3 could call the token’s price in the coming days. Traders should prepare for a range formation between $3.3 and $4.2 – $4.5. In the short term, the $3.6 area may halt bearish progress.
Disclaimer: The information provided does not constitute financial, investment, trading, or other types of advice and is solely the opinion of the author.