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Most cryptocurrencies have been experiencing terrible days for months due to BTC price fluctuations and are hitting new lows. Some have even fallen below last year’s low levels. However, some are positively diverging. One of them is HNT Coin. Its performance over the past week has been impressive. Altcoin investors have their eyes on it.
HNT Coin Rise
Helium (HNT) Coin, which broke its correlation with Bitcoin, rose by 65% in just 7 days. Its weekly gain brought it to $6.47. The rise may continue impressively as there are signals that investor interest is ongoing while BTC price is also recovering in favor of the general market.
For more than 4 months, HNT Coin price was lingering below $7. In the last 24 hours, the price surpassed the key threshold after months of adventure and is running towards the April peak. The weakening correlation with Bitcoin is the main reason for its rise. While most cryptocurrencies are tied to BTC, its correlation has dropped to 0.05.
Despite the decline in BTC price, the rising DePin Coin attracts more investor attention due to its independent movement. According to CoinGlass data, open positions in futures trading have more than doubled in the past week. This momentum could accelerate the rise of HNT Coin.
HNT Coin Price Prediction
The price hovering near $6.47 maintains the key support level of $6.33. If the support level is maintained by the bulls, it will create the necessary conditions for further rise. Looking at past performance comparisons, we see that long consolidation periods can occur after such peaks.
Moreover, the weakening correlation with BTC is normalizing with the recent BTC rise, and in case of a possible decline, it is possible for HNT Coin to follow it as before. Strong upward momentum is needed for the $8 resistance. This is only possible with the continued strong demand in futures trading. However, the possibility that already profitable investors may not take more risks in a risky environment should not be overlooked.
The $6.33 support will be a good sign for those expecting the rise to continue. If the support is lost, a pullback to the psychological support level of $5 is expected. In such a decline, the rise scenario will also be invalidated.
