As a seasoned researcher with years of experience in the cryptocurrency market, I have witnessed the ebb and flow of countless digital assets. However, the recent surge in Helium’s native token (HNT) has caught my attention like no other. With a background in wireless networks and decentralized technologies, I find myself captivated by Helium’s innovative DePIN model and its rapid expansion.
During the last seven days, there’s been a substantial increase in the worth of Helium’s native token (HNT). This upward trend is indicative of a broader rise in the value of various cryptocurrencies on the market.
The value of HNT surged more than 18%, placing it among the leading gainers within the CoinGecko top 100 cryptocurrencies, outperformed only by Toncoin (TON) and Sui (SUI). This significant rise in Helium’s token price occurs concurrently with Bitcoin‘s forecasted drop below $50,000, indicating a distinct separation in market trends.
Growth in Helium Mobile Subscribers
The significant rise in HNT’s price can mainly be attributed to the substantial growth in Helium’s mobile users, surpassing 112,000.
It’s quite notable that this growth occurred, considering the subscriber count surpassed 100,000 just two months ago, leading to a 40% surge in HNT’s price at that time. This extraordinary increase over the past year, amounting to approximately 300 times, demonstrates the swift uptake and expansion of Helium’s decentralized wireless network.
Decentralized Physical Infrastructure Network (DePIN)
Helium operates as a Decentralized Physical Infrastructure Network (DePIN) project, which focuses on the Internet of Things (IoT) sector. The network enables IoT devices to communicate and share data through nodes known as Hotspots.
These Hotspots perform two key roles: acting as wireless access points and concurrently mining the Helium blockchain. As the quantity of these Hotspots multiplies and network activity increases, it suggests that a greater number of devices and individuals are capitalizing on Helium’s infrastructure for data exchange, asset tracking, and communication.
Technical Analysis and Price Predictions
The price of Helium has surged by 128% over the past two months, indicating a possibility for further increases as suggested by technical analysis. This digital token touched an annual peak of $11.06 on February 12, 2024, but later dropped to $2.88. However, after this slump, Helium began its recent surge from the 0.786 Fibonacci retracement level on July 1, 2024, signaling the beginning of its current upward trend.
Predicted challenge is expected near the $9.00 region, which lines up with the 23.6% Fibonacci retracement point. Overcoming this obstacle might push the value up to the range of $11.50 – $12.00, possibly reaching the previous peak. If the trend persists, HNT may climb as high as $14.00, signifying a potential 63% growth from its current cost.
Support and Future Outlook
The significant support for HNT lies between $6.00 and $7.00, corresponding to the 61.8% Fibonacci level. If there’s a price pullback, this area is vital in preserving the positive trend. The general feeling among investors remains optimistic, fueled by Helium’s groundbreaking DePIN model and robust growth. Technical analysis points towards more potential increases in the future.
The recent escalation in Helium’s price suggests robust foundations and a rising trend in its decentralized network usage. Given its favorable technical signs and increasing user community, Helium Network Token (HNT) appears poised for significant growth opportunities in the upcoming period.
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2024-09-06 19:16