- The HNT token price increased more than 60% in the last bullish rally.
- Helium crypto’s current market capitalization ranks it 58th among the 8841 active cryptocurrencies.
Launched in July 2019, the Helium (HNT) is a network for Internet of Things (IoT) devices in a decentralized blockchain. The low-powered wireless devices can communicate with each other and send data across its network of nodes through Helium. The network uses a bespoke consensus mechanism called proof-of-coverage (PoC), which rewards users for validating transactions.
HNT Token’s Six Month Returns have Exceeded 400%
The HNT token price started an upward move from the $1.432 support level on November 1, 2023. Afterward, the price broke above the $2.415 resistance level. That level is likely to be reversed by remaining at an extreme demand zone.
Conversely, after the breakout of that resistance, the price made a small pullback and surged 130%. It formed an impulsive, bullish candle with a considerable volume. The HNT token price formed another resistance at $5.545 during that rally.
The $5.545 level is responsible for the last bullish rally in the current trading phase. The price made a resistance at $9.660, which recently got broken by the bullish rally, starting from the $4.711 level. Now, the current HNT token price is looking for a correction.
This token’s all-time high price is at the $55.22 level. The current market price is performing 84.57% below that level. Additionally, the total circulation supply of the Helium network is around 160 Million HNTs.
Technical Analysis of the HNT Token Price
The HNT token price has been moving in an upward trend by taking support multiple times on the 50-day EMA. It indicates that the price may move upward whenever it touches the 50-day EMA. Additionally, the 200-day EMA remains a major support.
The Helium token price has given a breakout from the $9.660 resistance level. The price moved at the $11.150 level and is making a bullish correction. It got a bullish response from the $7.985 level, which is less reliable than the $6.757 level.
In the last two trading sessions, the price formed a bullish candle from the $7.985 level, reflecting the buyers’ presence. It will continue moving upward unless the $4.711 support level gets broken.
Conversely, the relative strength index (RSI) reflects a major bearish divergence in the price momentum. That indicates the price is facing more substantial selling pressure than buying one. The RSI is moving at 51.12 toward the 50-mark middle band.
Conclusion
Overall, the HNT token price has been moving in an uptrend since November 2023. The price took support multiple times on the 50-day EMA, which makes it a strong support. It has given a breakout of the $9.660 resistance level and is looking for a bullish correction. The price may break above the $11.150 level unless it drops below the $4.711 support level.
Technical Levels
- Resistance Levels: $11.150
- Support Levels: $6.757 and $4.711
Disclaimer
The views and opinions stated by the author or any person named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading cryptocurrency comes with the risk of financial loss.