- HNT token price seems to resonate within the $9.5 and $19 range in the daily technical price chart.
- The coin price of HNT moves sideways, generating false signals from EMAs in a short 4-hour chart.
- The HNT/BTC pair trades at 0.0003976 BTC with an intraday gain of 6.83%.
HNT Token price is hovering near $14, and the sideways movement seems to continue further without a breakout possibility in vision. The increase in the volume of the recent price jump implies it is a pullback by HNT coin price after the recent death cross in the 4-hour time frame.
The accumulation range seems to expand in the daily timeframe, implying a significant breakout move for which investors must be patient. The HNT coin price has increased from the depths of the $1.19 level and reached the heights of $21. In the past 24 hours, the market capitalization of the HELIUM has increased 18.5%, and the intraday trading volume has boomed 104.5%.
The price is hanging tight to 100EMA (green), which is below 50 EMA(yellow) in the daily timeframe conveying weak but still bullish sentiments. Nevertheless, the vicinity of the two EMA produces the likelihood of a bearish crossover, but the growth of buying pressure could prevent the crossover.
The relative strength indicator is in the inert area near 47, but the slow downtrend of RSI could speed up with an increase in volume along with EMA support.
With Great Consolidation Comes Great Breakout Moves
Source – TradingView
What Is Helium (HNT)?
Launched in July 2019, Helium (HNT) is a decentralized network long-range low-powered wireless network distributed locally and globally, providing coverage for IoT devices and permitting them to communicate with each other and send data across its network of nodes.
Users who operate nodes can mine and earn rewards in Helium’s native cryptocurrency token, HNT.
Founders of HELIUM
The three co-founders of Helium are Amir Haleem, Shawn Fanning, and Sean Carey, who launched the company in 2013.
Haleem has an ongoing background in eSports and game development.
Fanning is famously known for developing Napster, the music-sharing service, one of the first mainstream peer-to-peer (P2P) internet services.
Carey held various development roles preceding Helium, like the advertising optimization firmware acquired by PayPal.
Uniqueness of Helium
Helium, self-referred as “The People’s Networks,” aims to improve the communication capabilities of wireless Internet of Things (IoT) devices.
Network participants buy Hotspots, a combination of a wireless gateway and a miner. Each hotspot provides network coverage over a certain radius and mines the network’s native token, HNT.
The network runs on proof-of-coverage, a new consensus algorithm based on the HoneyBadger BFT protocol, which allows nodes in a network to reach consensus when connection quality is highly variable.
Furthermore, HNT users pay transaction fees in a separate token called Data Credits, which are not exchangeable and tied to individual users themselves.
Conclusion – The expanding consolidation range of Helium attracts more players because of the strong breakout possibility. Investors may start entering with a short quantity, but the perfect breakout opportunity waits in the future.
Furthermore, the excellent use case of the network backed by brilliant minds and the expanding network promises amazing growth ideas for the network community and the investors.
Support – $9.5
Resistance – $19