The Helium price is bouncing back even as other cryptocurrencies remain under intense pressure. The HNT coin is trading at $52, which is about 23% above the lowest level in the overnight session. This jump has brought its total market cap to more than $5 billion.
For starters, Helium is a blockchain project that is disrupting the wireless industry. The network helps people create local hotspots and earn the LNT coin by doing so. In the past few months, the number of hotspots in the network jumped to more than 305k. It achieves this by using a simple device that can be put in offices and homesteads.
At the same time, Helium has been adopted by some of the leading companies in the US like Dish Networks, Senet, and Argon. San Jose is also using the network to provide network solutions to residents.
Therefore, the Helium price is rising as investors bet that the industry will keep growing. At the same time, many retail traders are buying the coin hoping that it will become the next big thing in cryptocurrencies. So, what next for the Helium price?
The four-hour chart shows that the HNT price dropped to the key support level at $41.75. It has struggled moving below this level several times before. The price then jumped by more than 23% above this level and is slightly below its all-time high.
Meanwhile, the coin has moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved upwards. Therefore, the path of the least resistance for the Helium price is to the upside. This will see it retest its all-time high of about $60.
This post was last modified on Nov 11, 2021, 04:49 GMT 04:49