Helium Rises to Top Gainer with 12 Jump in 24 Hours
Helium, a blockchain network tailored for the Internet of Things (IoT), witnessed an impressive price increase of 12% on the morning of August 10, establishing itself as one of the top performers in the cryptocurrency market.
As of the time of this report, Helium (HNT) was trading up by 10%, with prices around $6.50 according to data from crypto.news. The trading volume for the day surged by 9%, reaching approximately $29.7 million, while its market capitalization stood at $1.1 billion, positioning it as the 68th largest cryptocurrency.
HNT 24-hour price chart | Source: crypto.news
The token has rebounded significantly, climbing 80% from its low of $3.65 on August 5, a period marked by a downturn in both the cryptocurrency and stock markets that resulted in over $1 billion in liquidations. Although it has recovered to levels not seen since March 21, HNT remains down 88% from its peak of $55.20 reached in November 2021.
Founded in 2013 by Helium Inc., this innovative platform facilitates wireless communication for IoT devices worldwide via a decentralized blockchain network. This framework offers a scalable and cost-effective alternative to traditional telecom services by allowing individuals to host network points through Hotspots.
The recent price uptick follows an announcement on August 9 that two major U.S. carriers have commenced testing to transfer their traffic onto the Helium mobile network. Data indicates that around 307,860 subscribers from these carriers are taking part in this beta offload program.
The involvement of these significant carriers underscores the promise of decentralized infrastructure, with initial results reflecting encouraging performance metrics as indicated by the charts.
You might also like:
– Crypto at risk of macro pressure with no catalysts, says Coinbase
– Helium could see a reversal from current highs
Interestingly, Helium’s latest price movements have positioned it above the upper Bollinger Band at $6.41, the middle band at $5.15, and the lower band at $3.89. This suggests that HNT has surged beyond the conventional upper limits of its trading range.
HNT Bollinger Band and RSI – Aug. 10 | Source: crypto.news
While surpassing the upper Bollinger Band may hint at initial signs of an overbought condition, such a movement typically indicates strong bullish momentum. This could imply that there is still potential for growth before hitting any resistance or facing a possible pullback.
Furthermore, the Relative Strength Index (RSI) currently stands at 69, suggesting that the cryptocurrency may soon reach overbought levels, hinting at a potential retracement ahead.
Despite this, market analysts maintain an optimistic outlook for Helium. On August 10, analyst Javon Marks shared on X that Helium has emerged from its secondary setup, signaling a robust upward trend that could propel HNT to $52.76, suggesting an astonishing potential increase of over 651%.
Read more:
– Celestia, Helium lead gainers as Bitcoin retests $55k
