Helium, a blockchain-driven network tailored for the Internet of Things, witnessed a remarkable price increase of 12% on the morning of August 10, positioning it as one of the top performers in the cryptocurrency market.
As of this writing, Helium (HNT) had stabilized with a 10% rise, trading at $6.50, according to data from crypto.news. The daily trading volume for this crypto asset surged by 9%, reaching approximately $29.7 million, while its market capitalization stood at $1.1 billion, placing it 68th among the largest cryptocurrencies.
HNT 24-hour price chart | Source: crypto.news
The token’s value has soared by 80% since plummeting to $3.65 on August 5, a period marked by a crash in both the cryptocurrency and stock markets that resulted in over $1 billion in liquidations. While HNT has rebounded to levels not seen since March 21, it still remains 88% below its all-time high of $55.20 reached in November 2021.
Established in 2013 by Helium Inc., Helium facilitates wireless communication for IoT devices globally through its decentralized blockchain framework. This innovative model offers a scalable and cost-effective alternative to traditional telecom services by allowing individuals to host network points via Hotspots.
The recent surge in price follows an announcement on August 9 from Helium, revealing that two prominent U.S. carriers have begun testing the offloading of their traffic onto the mobile network. According to available data, around 307,860 subscribers from these carriers are taking part in the beta offload program. The involvement of these major carriers underscores the promise of decentralized infrastructure, with initial results yielding encouraging trends, as reflected in the performance metrics displayed in the charts.
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Significantly, Helium’s current price has surpassed the upper Bollinger Band at $6.41, the middle band at $5.15, and the lower band at $3.89. This indicates that HNT has experienced a significant rise, moving beyond the usual upper limit of its trading range.
HNT Bollinger Band and RSI – Aug. 10 | Source: crypto.news
While breaching the upper Bollinger Band could signal initial signs of an overbought condition, the extent to which it has surpassed this band typically points to robust bullish momentum. This suggests there may still be room for growth before facing any resistance or potential pullback.
Moreover, the Relative Strength Index currently sits at 69, indicating that the cryptocurrency may soon approach overbought territory, hinting at the possibility of a retracement ahead. Nevertheless, market analysts maintain an optimistic outlook on Helium’s future.
In an August 10 post on X, analyst Javon Marks remarked that Helium has successfully broken out of its secondary setup, indicating a strong upward trajectory, which could propel HNT to $52.76, representing a potential increase of over 651%.
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