Helium (HNT), a rising altcoin in the cryptocurrency market, has been experiencing some impressive gains recently, with a notable 32% rally. However, the coin is now approaching a crucial price point that could determine whether its bullish momentum continues. If HNT manages to break the $9.80 resistance level and sustain that price, a 30% surge could be in the cards, pushing the price to $12.60. But, if it fails to break through this resistance, a price pullback might occur, so traders need to be cautious.

Why $9.80 Is the Key Level for HNT

At the moment, HNT is facing a major obstacle — the $9.80 resistance level. This level has historically been difficult for HNT to break, with previous attempts resulting in price corrections. For traders, breaking this resistance is essential for further upward movement. If HNT can stay above the $9.80 mark, it could set the stage for a sharp 30% rise. The next key target would be $12.60, a level that HNT could potentially reach in the coming weeks.

However, if the coin fails to maintain its position above $9.80, it could fall back toward the $8.10 support zone, marking a potential 10% decline. Therefore, traders will be closely watching how HNT reacts to this resistance level in the coming days.

Growing Interest in Helium from Traders

In addition to the price action, growing interest in HNT is becoming apparent. The Futures Open Interest for HNT has surged by 13% in the past 24 hours, signaling that more traders are betting on a potential breakout. Open Interest refers to the total number of outstanding contracts, and this recent increase suggests that traders are optimistic about HNT’s chances of breaking through the resistance level.

Long-term investors are also showing confidence in the asset. According to on-chain data, $365,000 worth of HNT has recently been withdrawn from exchanges, indicating that holders believe in the coin’s future potential. When long-term investors pull coins off exchanges, it reduces the circulating supply, which can create upward price pressure if demand remains strong.

Technical Indicators Are Supporting a Bullish Outlook

Helium’s technical indicators are also showing positive signs. The Relative Strength Index (RSI) is currently at 60, which is not in the overbought territory. This suggests that HNT still has room to rise before hitting an overbought condition. RSI levels below 70 indicate that the asset has not yet reached its peak, and the potential for growth remains.

Additionally, HNT’s price has managed to hold steady above its key moving averages (MAs) — the 20-day and 50-day MAs. These moving averages are often seen as dynamic support levels, and maintaining price action above these levels suggests that the buyers are in control for now.

What’s Next for Helium?

Looking ahead, the next few days will be critical for Helium. If HNT can push past the $9.80 resistance level and maintain above it, there’s a strong possibility that the coin will continue its rally and hit the $12.60 target. Traders should keep an eye on market volume and other technical indicators to confirm whether the bullish momentum is sustainable.

However, if the $9.80 level holds as resistance and HNT fails to maintain upward momentum, a price decline to the $8.10 support level could occur. As always in the volatile world of cryptocurrencies, it’s important for investors to remain vigilant and assess the market’s sentiment before making major decisions.

Conclusion: Helium’s Path Forward

Helium’s recent price movements indicate that the coin is at a pivotal moment. If it can clear the $9.80 resistance, the next few weeks could see substantial growth, with a potential 30% surge. However, a failure to break this key level could result in a price correction. With growing market interest and favorable technical indicators, HNT could continue to climb, but only time will tell if the breakout will materialize.