As a seasoned analyst with over two decades of experience in the ever-evolving world of finance and technology, I have witnessed numerous market cycles and trends that have shaped my perspective. In light of Helium’s recent performance, I find myself intrigued by its potential for growth.
On August 10th’s morning, Helium, a blockchain network tailored for the Internet of Things, saw a 12% increase in value, placing it among the top performers in the cryptocurrency market.
Currently, as I’m typing this, Helium (HNT) was experiencing a rise of 10%, with each token being traded for approximately $6.5, according to information from crypto.news. The daily trading volume for this digital asset surged by 9%, reaching nearly $29.7 million. At the same time, its market capitalization was estimated at $1.1 billion, placing it at number 68 among the most prominent cryptocurrencies.
The cost of the token increased by a substantial 80% ever since it plummeted to $3.65 on August 5, coinciding with a market-wide crash involving both cryptocurrencies and stocks, triggering more than one billion dollars worth of liquidations.
Although it has returned to prices similar to those on March 21st, Helium Network (HNT) remains a significant 88% lower compared to its peak price of $55.2, which was achieved in November 2021.
Established in 2013 by Helium Inc., Helium offers global wireless communication for Internet of Things (IoT) devices through its decentralized blockchain network. This structure presents a scalable and cost-effective option compared to conventional telecom services, as it allows individuals to set up network points using Hotspots.
The recent surge in prices occurred after Helium announced on August 9 that two significant American telecommunication companies had initiated trials to shift their data traffic onto their mobile network.
Two major American telecom companies have begun trials to shift their data traffic onto the Helium MOBILE Network, and the data is showing promising results! Decentralized networks are now aiding traditional telcos, and the big names are jumping on board. Let’s get moving! 🔥
— Helium🎈 (@helium) August 9, 2024
Based on the data presented in graphs, it appears that around 307,860 subscribers from these service providers are taking part in the beta offloading initiative.
The involvement of these significant transportation companies underscores the possibility of a decentralized system’s potential, as preliminary findings suggest positive trajectories. This is evident in the striking statistics depicted in the graphs that illustrate excellent performance.
Helium could see a reversal from current highs
Significantly, the current price of Helium now sits higher than its upper Bollinger Band ($6.4100), above its middle band ($5.1526), and well below its lower band ($3.8953).
It implies that HNT has made a significant jump, surpassing the usual upper boundary of its price range.
When the price climbs above the upper limit of the Bollinger Band, it could suggest the early stages of an overbought situation. However, how much it overshoots the band usually points to robust bullish energy.
As someone who has navigated through multiple market cycles and witnessed both bull and bear phases, I believe this trend might indicate further room for growth before we hit resistance or a potential pullback. My past experiences have taught me that it’s crucial to stay attentive and adaptable in the ever-changing financial landscape. It’s important to remain cautiously optimistic while keeping a close eye on market indicators and adjusting strategies accordingly.
Furthermore, the Relative Strength Index stands at 69, which suggests the crypto might soon approach the overbought zone, implying a possible correction or pullback could be imminent.
However, market analysts remain bullish on Helium’s prospects.
In a blog post dated August 10th, analyst Javon Marks observed that Helium has surpassed its secondary pattern, suggesting a robust increase in trend. This could potentially propel HNT prices to reach $52.76, representing a significant rise of approximately 651% over the current value.
As a crypto investor, I’m excited about the strength $HNT is showing today. It’s holding firm at around $4.07 and looks poised to reach our next target of $8.3 with increased trading volume. With Bitcoin still looking bullish, I’m optimistic about this move. In fact, we’ve seen a 680% gain on it in the past, so I’m keeping my fingers crossed for more of the same!
— Decilizer (@decilizer) August 10, 2024
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2024-08-10 19:28