Helium Price Prediction: Can HNT Resume Its Bullish Journey?
Helium Price Prediction: Can HNT Resume Its Bullish Journey?
Helium emerged as the fastest-growing DePIN project with massive development on the horizon.
Despite the broader market weakness, Helium reported an impressive 110% growth in the last three months.
While the broader crypto market has been facing challenges and looking for a firm footing. On the other side, Helium price witnessed a notable 110% growth in the last three months. HNT price reversed its course in mid-July and surged higher recovering the earlier losses and further capitalizing the gains.
The recent sessions saw a downturn in the HNT price which has dragged the price below the key 20-day Exponential moving average raising concerns among the investors. HNT price dumped 10.6% a week and was currently stabilizing near the 50-day EMA over the daily chart.
However, a bounce back is likely as Helium has emerged as the fastest-growing DePIN project as per an analysis by a Twitter user MilkRoadDaily. It has a market capitalization of $1.15 Billion and ranks 59th in the crypto space.
MilkRoadDaily Identifies Helium As Fastest Growing DePIN Project
The crypto market is known for huge volatility causing major ups and downs in the token's price. The last couple of months were very challenging for different sectors in the crypto space. However, DepIN sectors outperformed others defying the market challenges.
x.com/helium/status/1832824000340464009
Over the last 30 sessions, the DePIN market cap grew by 22.7% while nearly every other sector faced declines. As per a Twitter user MilkRoadDaily, the DePIN ecosystem is expanding rapidly with more projects jumping in it indicating potential in it.
Moreover, Helium which is the dePIN project saw an influx of 756,000 users making it the fastest-growing DePIN project. As of now, the users have transferred over 19.1TB of data using their network.
Helium vs Bitcoin vs Ethereum
The Helium community has built the world's largest decentralized network- spanning IOT, MOBILE, and ENERGY. As a result, the HNT price has significantly outperformed the market leaders Bitcoin and Ethereum.
Source: TradingView
Bitcoin sits at a negative growth of nearly 9.79% over the last three months. While Ethereum's price performance was also in negative growth of 33% over the same period. However, Helium has attained an immense growth of 110% in the last three months outperforming both BTC and ETH.
Can Helium Keep Up Bullish Pace?
The daily chart highlights the formation of a rising parallel channel pattern with HNT prices fluctuating between the upper and lower boundaries of the channel. Currently, residing close to the lower boundary, Helium was trading at 7.19 with a mild intraday loss of 0.99%.
Looking at the HNT price, some rejections were observed near the lower boundary indicating a rebound is likely from the lower levels. The key 50-day EMA may act as a dynamic support and the price may take a rebound.
Alos, a breakdown below the lower boundary of the channel may invalidate any bullish scenario in the short term and the price may head back to test 200 day EMA.
On the higher side, the price has a potential of nearly 20% till the higher boundary of the channel if the price bounces back from lower levels. The technical indicators' Moving average convergence divergence (MACD) suggests a bullish outlook with a trend continuation in the short term.
Helium emerged as the fastest-growing DePIN project with massive development on the horizon.
Despite the broader market weakness, Helium reported an impressive 110% growth in the last three months.
While the broader crypto market has been facing challenges and looking for a firm footing. On the other side, Helium price witnessed a notable 110% growth in the last three months. HNT price reversed its course in mid-July and surged higher recovering the earlier losses and further capitalizing the gains.
The recent sessions saw a downturn in the HNT price which has dragged the price below the key 20-day Exponential moving average raising concerns among the investors. HNT price dumped 10.6% a week and was currently stabilizing near the 50-day EMA over the daily chart.
However, a bounce back is likely as Helium has emerged as the fastest-growing DePIN project as per an analysis by a Twitter user MilkRoadDaily. It has a market capitalization of $1.15 Billion and ranks 59th in the crypto space.
MilkRoadDaily Identifies Helium As Fastest Growing DePIN Project
The crypto market is known for huge volatility causing major ups and downs in the token's price. The last couple of months were very challenging for different sectors in the crypto space. However, DepIN sectors outperformed others defying the market challenges.
x.com/helium/status/1832824000340464009
Over the last 30 sessions, the DePIN market cap grew by 22.7% while nearly every other sector faced declines. As per a Twitter user MilkRoadDaily, the DePIN ecosystem is expanding rapidly with more projects jumping in it indicating potential in it.
Moreover, Helium which is the dePIN project saw an influx of 756,000 users making it the fastest-growing DePIN project. As of now, the users have transferred over 19.1TB of data using their network.
Helium vs Bitcoin vs Ethereum
The Helium community has built the world's largest decentralized network- spanning IOT, MOBILE, and ENERGY. As a result, the HNT price has significantly outperformed the market leaders Bitcoin and Ethereum.
Source: TradingView
Bitcoin sits at a negative growth of nearly 9.79% over the last three months. While Ethereum's price performance was also in negative growth of 33% over the same period. However, Helium has attained an immense growth of 110% in the last three months outperforming both BTC and ETH.
Can Helium Keep Up Bullish Pace?
The daily chart highlights the formation of a rising parallel channel pattern with HNT prices fluctuating between the upper and lower boundaries of the channel. Currently, residing close to the lower boundary, Helium was trading at 7.19 with a mild intraday loss of 0.99%.
Looking at the HNT price, some rejections were observed near the lower boundary indicating a rebound is likely from the lower levels. The key 50-day EMA may act as a dynamic support and the price may take a rebound.
Alos, a breakdown below the lower boundary of the channel may invalidate any bullish scenario in the short term and the price may head back to test 200 day EMA.
On the higher side, the price has a potential of nearly 20% till the higher boundary of the channel if the price bounces back from lower levels. The technical indicators' Moving average convergence divergence (MACD) suggests a bullish outlook with a trend continuation in the short term.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.