Helium HNT jumps 10% but faces key support test

Helium (HNT) kicked off the day with a notable 10% surge in value, igniting bullish momentum. However, the sustainability of this rally hinges on whether the asset can maintain a key structural support level. At the time of writing, HNT is trading within a potential demand zone, where buy orders could propel it higher. If the rebound from this level holds, the asset could target a local high near $0.64, representing an additional 16% gain.

The bullish outlook is tempered by weakening indicators. The Bull Bear Power (BBP) indicator shows that while bulls are active, their strength remains minimal compared to previous days. The Chaikin Money Flow (CMF) further suggests that selling pressure has dominated over the past day, trending within the negative zone. If these indicators continue their current trajectory, HNT may face further declines in the near term.

Despite the mixed signals, the sentiment surrounding HNT remains positive. The number of holders has reached 572,350, reflecting growing long-term confidence in the asset. The sentiment indicator by CoinMarketCap stands at 4.00, placing it firmly in bullish territory.