Helium: If THIS level holds, HNT could move past $4.45, unless…

• HNT price action trading in a massive rising wedge pattern with the apex of the structure at around the $4.45 zone.
• The short and long liquidity clusters around price could be a precedent for a potential price move in the short term.

Helium [HNT] posted a modest 1.68% gain, outpacing most top 100 cryptos in the past 24 hours.

On the 4-hour chart, HNT continued trading within a large rising wedge pattern, with the apex near $4.45.

At press time, HNT held around $3.967. A clean breakout above $4.45 could trigger a fresh move toward $5.00 or higher.

On the other hand, a breach below the ascending trendline support at $3.60 could influence the bullish setup negatively. This could pull the pair to $3.40 in the process.

The MACD indicator gave a bullish crossover with the MACD line crossing the signal line at 0.011 and -0.004 respectively. The histogram was 0.015 in the upper range, indicating possible up-trend.

However, vulnerability was suggested by the price being so close to the trendline support at $3.60. If HNT managed to maintain itself above $4.00 and break through $4.38, then it could confirm bullish strength.

On the contrary, a fall below $3.60 may activate a bearish pressure encompassing $3.40 as the next level of interest.

How liquidation levels could shape the next move

An analysis of the Liquidation Heatmap showed a massive short liquidity at $3.89 being liquidated. Other short positions continued to develop close to this level.

At the current price, there were huge leveraged positions.

If HNT pushes higher, the $4.36 cluster may attract price action, triggering more short liquidations and increasing volatility.

On the other hand, if the price decreased, the emerging liquidity under $3.89 could pull the price down. This would cause more liquidation of the shorted position.

These concentrations in liquidity indicated short-term price opportunities in either direction.

Factors for HNT use cases

Helium’s core utility continues to rise.

Total mobile hotspots hit 94,570, up by 278 in seven days. Daily Users rose by 75,571 to 681,066, while Daily Data Transfer hit 21.47 TB, down 2 TB over the same period.

The rise in daily users and total mobile hotspots indicated an increase in network adoption and usage, which may have a positive impact on the HNT demand.

Greater network activity, as indicated by a large number of users, tended to equate to high utility of the Helium network.

The decline in daily data transfer rate over the past week suggests the change may not be permanent.

This fluctuation, driven by networking activity and efficiency, could impact market sentiment and HNT’s price.

However, broader market trends and individual project developments may also play a crucial role in shaping its trajectory.