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Most cryptocurrencies have been languishing for months due to Bitcoin‘s price fluctuations, reaching new lows. However, Helium (HNT) Coin has significantly diverged from this trend. Over the past week, HNT Coin’s performance has been striking, capturing the attention of altcoin investors.
Why is HNT Coin Rising?
Helium Coin has surged by an impressive 65% within just seven days, boosting its price to $6.47. This sharp rise can be attributed to its weakening correlation with Bitcoin, which has dropped to 0.05. As Bitcoin’s price recovers, investor interest in HNT Coin continues to grow, signaling that the upward trend might persist.
For more than four months, HNT Coin’s price struggled to surpass $7. However, in the last 24 hours, it has crossed a critical threshold, heading towards its April peak. The weakening correlation with Bitcoin is the primary reason for this surge, as HNT Coin’s independent movement attracts more investor attention.
What Are the Future Predictions?
Currently, HNT Coin is maintaining support around $6.33. If this level holds, conditions for further growth are favorable. However, historical patterns suggest long consolidation periods after such peaks. The correlation with Bitcoin, which is normalizing, could influence HNT Coin’s trajectory if Bitcoin declines.
Strong upward momentum is required to break the $8 resistance, achievable only if demand in futures trading persists. However, investors who have already profited may avoid further risks in a volatile market environment. The $6.33 support level is crucial for those anticipating continued growth; if it fails, a pullback to $5 becomes likely, invalidating the rise scenario.
Key Takeaways
- Helium Coin’s price rose 65% in one week due to a weakened correlation with Bitcoin.
- The current price stands near $6.47, with significant investor interest.
- Supporting price level at $6.33 is crucial for continued rise.
- A break past $8 requires strong futures trading demand.
- If support fails, a potential pullback to $5 is expected.
The next few days will be critical for HNT Coin as investors closely monitor its support levels and market conditions to make informed decisions.