Helium (HNT), a cryptocurrency project focusing on the Internet of Things, has gained in recent times despite market conditions. According to CoinMarketCap, HNT has been up 8.42% over the last 7 days, trading at $4.90 at press time.
Despite the gains, the token has found it difficult to break above the $5 mark. The price movement has been on a downward trend. It’s uncertain if this will continue or not. However, its weekly price action has given traders a good reason to be hopeful.
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How Helium Is Holding Its End
As of writing, the Helium (HNT/USD) price is $4.90. Although earlier this morning, October 2nd, it was considerably higher than that. What makes this rate so exceptional for this coin?
The market is behaving strangely. Friday’s HNT price of $5.11 and recent volatile trends indicate this. This is a really positive sign for this cryptocurrency, as there is now a great deal of interest in it. The coin’s value and trading volume have both increased since last week’s all-time high. So far, today’s trading volume is $19 million, although it’s down 9.52% over yesterday’s total of $21 million.
The charts currently show a double top which indicates a bearish reversal pattern. However, the current price is still very much within the range of support levels. If the price continues to fall below these levels, then we could see further losses. But if the price breaks out of the resistance level, then we can expect some bullish momentum.
Where Does Helium Go From Here?
There’s no telling where this coin will go from here, but things are going well for now. The price of HNT may be almost the same as it was at the beginning of the month, but this does not imply that the price has stayed relatively flat.
Quite the reverse, as the coin has seen much activity. This activity has taken HNT both to new lows and new highs in the space of a few weeks. As it strives to go more mainstream, we anticipate Helium will continue to experience a great deal of activity.
Those that took advantage of the recent downturn have reaped substantial profits from Friday’s upswing. The price movements between then and today, October 2nd, show they might get another chance to benefit in the weeks ahead. But there’s no way to tell for sure.
More On Helium’s IoT Offering
Helium is a blockchain-based technology that focuses on IoT. It has an internet router called Helium hotspot. These nodes provide users with more affordable and extensive internet connectivity. Most crypto initiatives focus on decentralized finance and non-fungible tokens, but just a handful on IoT.
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Helium allows for long-distance communication thanks to its worldwide wireless network and helium hotspots. Connectivity for all IoT devices is guaranteed by these hotspots, which serve as the network’s backbone.
If you own a hotspot, you may benefit from increased visibility and financial incentives. Helium’s distributed ledger technology is made possible by these nodes allowing IoT devices to communicate with one another.
Featured image from Pixabay and chart from TradingView.com
Source: https://www.newsbtc.com/helium-hnt/helium-holds-gains-in-market-downtrend/