Helium, a blockchain-based network designed for the Internet of Things (IoT), experienced a price surge of 12% on August 13, making it one of the leading gainers in the crypto market.

As of this writing, Helium (HNT) was trading at $6.79, with its daily trading volume jumping by 56% to approximately $25.2 million. The market cap for Helium stood at $1.14 billion, ranking it 65th among the top largest cryptocurrencies.

The token’s price has increased by 20% since its drop to $5.66 the previous day, following a 4% decline in Bitcoin and a broader market slump that saw over $156.4 million in liquidations. Despite this recovery, 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 recent surge in Helium’s price follows its 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 (HNT) 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. 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 (RSI), 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 remain optimistic about Helium’s future potential.

An analyst 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.

Helium’s price jump may also be influenced by the general uplift in the crypto market, led by Bitcoin’s 6.5% increase over the last week. On August 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.

For more updates and news on the cryptocurrency market, stay tuned to Global Crypto News.

Post Views: 5