Helium continued its strong rally this week, making it the best-performing major token in recent weeks.
HNT token crosses key resistance point
Helium (HNT) rose to a high of $8.35, its highest level since March 14, surging by over 182% from its lowest point in July. Helium has risen by 82.6% in the last 30 days, outperforming all coins in the top 100 by market cap.
Helium, a leading player in the decentralized physical infrastructure networks industry, has gained momentum recently after revealing that its network was being tested by two major telecommunication companies in the United States.
The tests involve the carrier offload program, where carriers redirect traffic to Helium’s network during congestion. The testing has reportedly attracted nearly 600,000 subscribers who have transferred over 13.1 terabytes of data.
Helium token also jumped after the network expanded to Puerto Rico and after Anchorage Digital added HNT to its self-custody wallet.
Meanwhile, the volume of Helium traded in exchanges continued rising, averaging over $25 million a day. The futures open interest jumped to a high of $10 million on Sep. 5, its highest point since January. This is notable since Binance delisted HNT’s futures earlier this year.
Helium rose above the key resistance level at $7.9827 on Thursday as the bull run continued. This was an important level since it was the highest swing in August and the upper side of a potential double-top pattern, a popular reversal sign.
Importantly, Helium formed a golden cross pattern on Aug. 13 as the 50-day and 200-day Exponential Moving Averages crossed each other. A golden cross often leads to substantial gains.
In Helium’s case, the previous golden cross happened in November 2023, leading to a 362% rally to $11.
HNT also rose above the strong pivot reverse point of the Murrey Math Lines. Therefore, the next level to watch will be the ultimate resistance at $9.37, 15% above the current level.
Helium, touted as Solana’s biggest Decentralized Public Infrastructure Network, outperformed the broader altcoin market throughout August.
Helium (HNT) jumped by over 51% in the last 30 days, outperforming the top 100 altcoins in the market. The crypto asset has reached an intraday high of $7.33, a rise of over 2.4% in the past day.
The monthly hike in Helium’s price comes as its community strongly supported the HIP130 and HIP131 proposals. This decision enables all compatible Wi-Fi access points to be set up to support operators such as Helium Mobile.
MOBILE Network HIP 130 and 131 Passed 🎉🎉
HIP 130 passed with 96.62% votes, and HIP 131 passed with 99.37% votes, both of which are above the passing threshold. ✅🗳️
With the passing of HIP 130, compatible Wi-Fi access points (including ones already deployed in venues all over…
On the other hand, proposal HIP131 permits service providers to start enhancing Hex areas, focusing only on the top-earning regions. These proposals will be implemented seven days following their announcement.
Furthermore, recent discussions in the crypto space have centered on Helium’s potential to reshape wireless infrastructure. Traditionally, expanding coverage requires large carriers to invest heavily in building additional cell towers. Helium provides a novel technique for increasing wireless coverage through a decentralized network of mobile nodes.
HNT also gained traction after announcing trials with two major US telecom companies to test offloading network traffic onto the Helium MOBILE network. The carrier offload test involves over 500,000 users participating in these trials.
The strategy could allow these carriers to cut costs and improve coverage by offloading some users to the Helium Network. At the same time, Helium would benefit from increased traffic, revenue directed toward its hotspot providers, and enhanced value for investors through increased HNT token burns.
According to Helium’s statistics, the MOBILE network currently operates around 20,680 active hotspots, and its IoT solution is deployed across 357,359 locations, with both figures steadily increasing.
Meanwhile, the ongoing price rally for HNT is supported by a 65% surge in total open interest, indicating a rise in trader interest. According to Coinglass data, open interest in the futures market has climbed to $7.43 million, the highest since April and significantly above the low of $2.35 million earlier this month.
The community sentiment on the HNT token was also bullish on CoinGecko and CoinMarketCap.
HNT’s technical analysis reveals strong bullish momentum, highlighted by the golden cross pattern where the 50-day and 200-day Moving Averages intersect. This key bullish signal, coupled with a mid-range Relative Strength Index around the mid-50s, indicates balanced market conditions with potential for further gains.
HNT price, MA and RSI chart — Aug. 31 | Source: crypto.news
Helium has also developed a cup and handle pattern, where the latest consolidation phase corresponds to the handle part of the pattern.
$HNT#Helium There’s a few ways to look at this chart…here’s two possible scenario’s and both are strong set ups:
Combined with high trading volumes and a spike in open interest in the futures market, these indicators reveal robust market participation and optimism about Helium’s strategic initiatives to expand its decentralized network, potentially driving further price hikes in HNT’s value.
$HNT@helium has broke out + retested supply zone on daily timeframe 🚀
Expecting a Massive Bullish Rally towards $12-15$.
Helium, the biggest Decentralized Public Infrastructure Network in Solana, continued its strong comeback this week.
HNT price rally continues
Helium (HNT) rose by over 8% on Aug. 29, outperforming all top 100 altcoins. It jumped to an intraday high of $7.5, bringing its 30-day gains to 50%. It has also soared by over 100% from its lowest point this month.
The rally followed the community’s overwhelming vote in favor of the HIP130 and HIP131 proposals. This means that all compatible Wi-Fi access points can be configured to support service providers like Helium Mobile.
Proposal HIP 131, conversely, allows service providers to begin affecting Hex boosting areas only within the highest earning areas. These proposals will start going into effect seven days after the announcement.
MOBILE Network HIP 130 and 131 Passed 🎉🎉
HIP 130 passed with 96.62% votes, and HIP 131 passed with 99.37% votes, both of which are above the passing threshold. ✅🗳️
With the passing of HIP 130, compatible Wi-Fi access points (including ones already deployed in venues all over…
Helium also gained momentum after revealing its work with major US telecom companies to handle carrier offloading tasks, a process that reduces network congestion during significant activity, such as large events.
In these situations, such as concerts or sporting events, carriers can offload some users to the Helium Network, increasing HNT token burns and creating value for investors. The carrier offload test has over 500,000 users.
HNT’s rally has occurred in a high-volume environment, indicating substantial demand. Data shows that open interest in the futures market has surged to $7.42 million, its highest point since April and much higher than this month’s low of $2.7 million.
HNT’s technical indicators suggest that the ongoing gains may continue. The token formed a golden cross pattern as the 50-day and 200-day Exponential Moving Averages (EMA) crossed, a widely recognized bullish sign.
Helium has also formed a cup and handle pattern, with the recent consolidation forming the handle section. It has moved to the fifth section of the impulse Elliot Wave chart pattern, which is typically bullish.
Further upside will be confirmed if the price breaks above the key resistance point at $8.036, its highest point on Aug. 18. If this occurs, the token may jump to $11.05, its highest point on Feb. 15, representing a potential 46% gain from the current level.
HNT, the native token of the Helium network, is leading the surge among the top 100 cryptocurrencies today, outperforming other altcoins that are mostly in decline.
On Aug. 27, the price of Helium (HNT) soared 14% to $7.17, while the crypto asset’s market cap surpassed the $1.6 billion mark. Following the price surge, HNT’s daily trading volume increased by 160%, reaching $31 million.
The latest jump in HNT’s price comes as a community call is set for Aug. 28 at 16 UTC to provide updates and debates on the Helium Network. The monthly event brings together developers, hotspot owners, and community members to discuss protocol governance and other Helium ecosystem-related concerns.
The monthly Helium Network Community Call is happening this week, on Wednesday, August 28th, 2024, at 16:00 UTC in the Helium Discord.
The call will take place on Helium’s discord channel.
Recent talks in the crypto space have focused on Helium‘s potential to transform wireless infrastructure. Traditionally, large carriers had to build more cell towers to increase coverage, which required a significant capital expenditure. Helium, on the other hand, provides a novel technique for increasing wireless coverage through a decentralized network of mobile nodes.
The network is apparently in contact with two big US carriers who are testing offloading their traffic to the MOBILE network. Carrier 1 has around 185,000 customers, and Carrier 2 has over 122,000 users taking part in the trial.
If effective, the carriers might save money and provide greater coverage, whilst Helium would gain from increased traffic and funds flowing to hotspot providers.
According to its statistics page, Helium MOBILE has about 20,000 active hotspots, while its IoT solution has 360,000 locations, and the figures are growing.
Coinglass data shows that the HNT total open interest has jumped by 65% to $6.71, showing a rise in trader interest in the altcoin, thus suggesting that new money is supporting the upward price rally.
Data from the market intelligence platform also shows that the total funding rates aggregated by HNT are hovering at 0.0049%, indicating traders’ bullishness on WIF’s price hike.
The Relative Strength Index is currently at 58.82, suggesting that there might be room for the price to go up before it’s considered overvalued. The Stochastic RSI, another indicator, also shows that Helium is underbought at the moment.
HNT price, RSI and Stoch RSI – Aug. 27 | Source: crypto.news
Both indicators suggest that HNT’s price might still see a significant rally before it reaches an overbought zone upon which the token might face a reversal.
Helium (HNT) has gained 158.15% since the beginning of July, showing a strong upward trend. The key question now is whether HNT will continue its climb or if there will be a pullback on the horizon.
Table of Contents
While Helium’s (HNT) bullish run has been exciting, it may soon turn into a disappointment for investors. The lack of consolidation or pullback during this rally raises concerns that one might be on the horizon. Here’s why a pullback could be imminent.
Moving Average Convergence Divergence
Examining the daily Moving Average Convergence Divergence (MACD), we notice the histogram shifting from dark green to light green, indicating a weakening bullish momentum. The MACD lines are also beginning to converge, suggesting that the current uptrend may be losing steam. A potential bearish crossover could signal a reversal in trend.
RSI and Stochastic RSI
Both the Relative Strength Index (RSI) and Stochastic RSI are in overvalued territory, with readings above 60. Historically, when RSI and Stochastic RSI have reached 60+ levels, they tend to retreat significantly, often accompanied by a sharp price decline.
Support and resistance levels
The current price action shows strong resistance levels at $8.5 and $10. These levels have proven difficult to surpass or acted as strong support levels in the past. Meanwhile, the $7 level serves as a weak area. Currently, it has acted as resistance, but its role could change if HNT breaks above it. If the price fails to break through $7, a more pronounced downtrend is likely to begin.
Fibonacci confluence levels
By applying Fibonacci retracement levels from three different time frames—the initial day of trading to the recent high, the low of June to the recent high, and the high of March to the low of June—we identify multiple confluence levels. These confluence levels are clustered around $6 and $4.7.
The area between $4.7 and $6 forms what we refer to as a “box of opportunity.” This range presents a potential target zone for a short position, with the expectation that HNT could retrace this area if the downtrend continues.
Historical support lies at $3, but a drop to this level seems unlikely unless significant negative events occur in the broader market, similar to what happened with Japan’s surprise rate hike and Jump Trading’s selling spree in late July and early August.
Strategic Considerations
Before initiating a short position, it’s important to confirm the downtrend. Although the trend has recently shifted, there’s always the possibility of a bear trap. To minimize risk, we recommend waiting for HNT to fall below $6.3958, which is the 23.6% Fibonacci retracement from the June low to the August high. Once HNT breaks below this level, and it acts as resistance, the shorting opportunity becomes much safer.
Another factor to consider is the Visible Range Volume Profile, which shows a weak volume area between $5.5 and $6.5. Prices tend to move quickly through such low-volume zones, further supporting the likelihood of a downward move. However, currently, HNT is within a high-volume zone, which could potentially serve as a consolidation area.
Helium, a blockchain-based network designed for the Internet of Things, experienced a price surge of 12% on Aug. 13 morning, making it one of the leading gainers in the crypto market.
At the time of writing, Helium (HNT) was exchanging hands at $6.79 per price, according to data from crypto.news. The crypto asset’s daily trading volume jumped by 56%, hovering around $25.2 million, while its market cap stood at $1.14 billion, ranking it 65th among the top largest cryptocurrencies.
HNT 24-hour price chart – Aug. 13 | Source: crypto.news
The token’s price has jumped by 20% since its drop to $5.66 yesterday, when Bitcoin fell by 4%, and the global crypto market witnessed a slump with over $156.4m in liquidations.
Despite its recovery to levels last seen on March 21, HNT is still down 88% from its all-time high of $55.2 recorded in November 2021.
Helium Inc., established in 2013, has developed a global decentralized blockchain network that supports wireless communication for IoT devices. This network offers a scalable and cost-effective alternative to conventional telecom services by allowing individuals to set up network points through Hotspots.
The latest surge follows Helium’s partnership with two major U.S. carriers. These carriers are conducting trials to offload their mobile traffic to the Helium Network, potentially leading to a shift towards a more decentralized network infrastructure.
Helium is currently trading at $6.7722, notably above the middle Bollinger Band of $5.3779. This positions it near the upper band at $7.0302, suggesting a significant upward movement within its trading range.
HNT Bollinger Band and RSI – Aug. 13 | Source: crypto.news
The approach toward the upper limit indicates potential signs of an overbought condition, yet the proximity to this band also points to strong bullish momentum. This pattern may suggest further room for price increases before facing any substantial resistance or a potential pullback.
Additionally, the Relative Strength Index, standing at 66.24, edges closer to the overbought threshold of 70, hinting that a retracement could be imminent as market conditions become stretched.
Nonetheless, market analysts continue to be bullish about Helium’s future potential.
In an Aug. 13 X post, an analyst going by the moniker Decilizer noted that Helium has broken out of its secondary setup, indicating a strong upward trend, which may lead to a potential jump in HNT to $8.3 in the short term.
Helum’s jump in price may also be influenced by the general uplift in the crypto market, led by Bitcoin’s (BTC) 6.5% increase over the last week.
On Aug. 13, Bitcoin traded at $59,456, with its price ranging from $58,015 to $60,499 within 24 hours. Moreover, the total market capitalization of cryptocurrencies has risen by 1.9% in the last day, reaching $2.19 trillion.
Celestia and Helium led the top gaining altcoins among the top 100 cryptocurrencies by market cap as the price of Bitcoin rebounded to test the $55k mark.
After crypto prices tanked hard during the Asian trading session on Aug. 5, the market saw some relief during the U.S. session.
Bitcoin (BTC) has narrowed 24-hour losses after rebounding from its intraday lows under $50k, with the recovery aiding some altcoins. Notable among the gainers are Celestia (TIA) and Helium (HNT), both of which posted double-digit gains before paring these slightly amid potential profit taking.
Crypto market intelligence platform Santiment says the gains are seeing crowd sentiment shift to other coins rather than Bitcoin and Ethereum, which were the focus of the market amid the sharp sell-off.
🗣️📊 Bitcoin and Ethereum have unsurprisingly been the crowd’s primary focus. But as crypto price rebounds have taken place, it’s the more speculative assets that are surging while the crowd ignores them.
Across the market, liquidations remained above $1 billion after a staggering amount of bullish bets got wiped out amid the crypto and stocks crash. Coinglass shows crypto liquidations are still more than 199% up in 24 hours.
Aug. 5 has also seen the most trading volume since March when BTC led crypto higher with its spike to a new all-time high.
With over $244 billion traded in the past 24 hours representing a 230% surge, the increase in daily volume for crypto mirrored such an increase across stocks. Bloomberg shared an early picture of how U.S. stocks were shaping up in terms of volume.
Today is shaping up to be one of the heaviest trading days for S&P 500 members that we’ve seen since the global financial crisis.
TIA, which traded to lows of $4.04 earlier in the day, was up 11.9% to above $5.16 at the time of writing. Meanwhile, Helium traded to above $4.7 with a 10% rebound before retreating. Both tokens were seeing 24-hour volumes of over 120% as market weakness suggested there could be more ‘buy the dip’ opportunities in the coming hours.
Ondo Finance, and Mantra were also experiencing some upward push. Meanwhile, Lido DAO, Arbitrum and Near Protocol were among the top losers on the day with more than 12% in 24-hour declines respectively.
Helium, a blockchain network tailored for the Internet of Things (IoT), has seen its price climb by 11% over the past day, currently valued at $4.96.
According to the latest data from crypto.news, Helium (HNT) now holds a market capitalization of around $797 million, ranking it 88th in the global cryptocurrency market cap standings. Over the past week, the cryptocurrency has also seen a significant rise, increasing by more than 40%.
The trading volume for HNT has surged by 207% in the last 24 hours, reaching $17.9 million. During this period, its price fluctuated between $4.47 and $5.21.
Helium, established in 2013 by Helium Inc., facilitates wireless communication for IoT devices across the globe through its decentralized blockchain network. This model offers a scalable and cost-effective alternative to traditional telecom services by allowing individuals to host network points via Hotspots.
These devices provide coverage and transmit data for IoT devices, with hosts earning Helium tokens (HNT) in return, promoting network growth and density.
Despite the recent upward movement in HNT’s value, there have been no significant announcements from Helium that would directly account for the spike. However, the general uplift in the market, led by Bitcoin’s 7% increase over the last week, may have influenced Helium’s performance.
On Monday, Bitcoin (BTC) traded at $67,337, with its price ranging from $66,087 to $68,418 within 24 hours. Although it attempted to break the $68,000 threshold over the weekend, it met resistance, tempering the rally.
Moreover, the total market capitalization of cryptocurrencies has risen by 0.5% in the last day, reaching $2.45 trillion.
Dogwifhat, Helium, Core, and Pepe have emerged as the top gainers in the crypto market over the past week. Each token experienced a price surge exceeding 40%.
Dogwifhat
Dogwifhat (WIF) is up over 50% for the past seven days, exchanging hands at $2.56 at the time of writing.
The crypto assets had a daily trading volume of $311 million, while its market cap had surpassed the 2.55 billion mark per data from CoinMarketCap
WIF price chart | Source: CoinMarketCap
Despite lacking any clear utility, WIF — the dog-themed meme coin based on Solana — has become one of 2024’s top-performing meme coins.
Its website humorously notes that it is “literally just a dog wif a hat.”
The WIF token has outperformed other well-known meme coins like Shiba Inu and Pepe Coin in terms of price gains. In March, supporters swiftly funded a campaign to project the Dogwifhat image onto the Las Vegas Sphere, surpassing their fundraising target within days.
Helium
Helium (HNT), a blockchain network aimed at the Internet of Things (IoT), surged by 47.8% over the past week and is now trading at $4.70.
With a market cap of about $756 million, Helium ranks 92nd in global cryptocurrency rankings by market cap, as reported by CoinMarketCap, and has a trading volume of approximately $8.6 million.
HNT price chart | Source: CoinMarketCap
Helium is a pioneering blockchain network designed to enable wireless communication for IoT devices globally.
Created by Helium Inc., which was established in 2013, this network offers a decentralized, cost-effective, and scalable connectivity solution.
Rather than depending on centralized infrastructure like traditional telecom services, Helium’s unique approach allows individuals to become network hosts by running Hotspots—specialized hardware devices that offer coverage and transmit data for IoT devices.
In exchange for their participation, hosts receive Helium tokens (HNT), thereby encouraging the expansion and density of the network.
Core
Core (CORE) saw a 47% increase over the past seven days. According to price data from crypto.news, CORE is currently priced at $1.64, with a 62.9% rise in daily trading volume to around $115 million.
CORE price chart | Source: TradingView
Currently, CORE’s market capitalization is valued at $1.47 billion. Despite the recent upswing, the token’s price is still 75% lower than its all-time high of $6.47, recorded on Feb. 8.
Core operates as a decentralized digital payment system on its dedicated blockchain network. It employs a proof-of-work protocol to validate transactions and to mine new coins. The cryptocurrency is designed with a focus on privacy, supporting anonymous transactions through sophisticated cryptographic methods.
As an open-source project, Core’s development is supported by a worldwide community of volunteer developers.
This digital asset is used for direct peer-to-peer transactions, is stored in crypto wallets, and is available for trading across various digital asset exchanges.
Pepe
Pepe (PEPE) rose 40% over the past day, trading at $0.000012 at press time. Its daily trading volume hovers at around $614 million over the last 24 hours.
The PEPE market cap stands at $5.16 billion, ranking it as the 22nd largest cryptocurrency.
PEPE price chart | Source: TradingView
Pepe, an Ethereum-based token that debuted on April 15, draws inspiration from the popular meme culture. It aims to capitalize on the meme coin trend, leveraging the widespread recognition of its amphibian mascot. This approach has resonated well with traders and investors, elevating the token’s profile in the cryptocurrency market.
Designed as a deflationary token with no tax implications for transactions, Pepe seeks to carve out a significant position among established meme coins like Shiba Inu and Dogecoin. The token’s association with the well-known “Pepe the Frog” meme is central to its strategy to attract a broader user base.
Bitcoin climbs 12% in strong recovery
The overall surge in these altcoins followed Bitcoin’s (BTC) 12% rise over the past week, reaching $67,180 on Sunday. Bitcoin’s 24-hour lows and highs were $66,640 and $67,567, respectively.
Yesterday, the world’s largest cryptocurrency attempted to breach the $68,000 mark but faced resistance, leading to a premature halt in the rally by bearish traders.
Despite this setback, BTC’s strong performance over the week has positively influenced the broader cryptocurrency market sentiment. The sentiment has shifted from Fear to Greed, with the Greed index rising sharply to 74, a significant increase from last week’s score of 33.
Meanwhile, the global cryptocurrency market cap also witnessed a 1.42% increase over the last day, elevating to a total of $2.43 trillion.
