Is Helium (HNT) Flashing Strong Bullish Signs?

• Helium marked a spike above 2%, trading at $8.32.
• Helium Mobile saw its subscriber count surpass 100,000 in early August.

Despite the growing negative trend in the crypto market, Helium (HNT) has defied all odds and topped the gainers list. In this ongoing bearish trend, HNT displayed a price surge over the last 24 hours by 2.52% and outperformed major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).

The price of HNT moved from $7.93 to a recent high of $8.50, with the upward momentum continuing within the past 24 hours. In the afternoon hours, the altcoin traded at $8.32. According to CMC data, the HNT’s daily trading volume showed a 15.27% increase to $38 million. 

On the other hand, HIP 124 introduces rewards for veIOT holders who actively engage in governance votes on the IOT subnetwork. This likely aims to increase voter participation within the IOT Network. Whereas, the proposal has passed with 95.26% of votes in favor. 

Meanwhile, the implementation will begin once the ongoing protocol work on the IOT Network, including the on-chain Organizationally Unique Identifiers (OUI) outlined in HIP 116, is completed. The full implementation of HIP 124 is estimated to take 5-8 weeks.

Helium’s bullish trend accompanies the growth in its mobile subscriber base.

Helium Mobile saw its subscriber count surpass 100,000 in early August, reaching 112,709 till date.

Can HNT Breakout Further to Sustain the Momentum?

Helium has shown remarkable momentum in the last month, with an increase of 65.15%. The asset started trading at $4.98, gradually climbing to $7.91. Over the past seven days, the asset continued its bull run, by soaring 17.75%. The week opened trading at $7.01, eventually reaching a high of $7.83. 

The technical indicators of HNT reveal the position of daily RSI at 64.10, entering into the overbought zone. Moreover, the asset’s 24-hour frame shows bullish momentum as the short-term 9-day and long-term 21-day moving averages are below the current price of $8.15 and $7.74, respectively. 

Assuming HNT’s revival at $8.39, initial resistance could be at $8.45, and if the bullish sentiment sustains, the price will go high. Conversely, a strong bearish trajectory of Helium could take the price to the immediate support near $8.14. 

Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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