Helium Token Surges 36% Thursday Ahead of Correction
Helium powers IoT devices via its “Hotspot”
The cryptocurrency remains on a clear downtrend
Some cryptocurrency Thursday started relief rallies though a low-cap coin was one of the top gainers. Helium (HNT/USD), a cryptocurrency ranked #91 by market cap, soared 36% before losing almost half of its gains as of Friday. In an extremely bearish crypto market, small-cap tokens have attracted attention from investors. What is this?
Helium is a blockchain-powered network created in July 2019. It is designed to provide power to Internet of Things devices. For example, it enables wireless devices to communicate and share data through their nodes or “hotspots”. The network allows users to earn profitably by sharing their broadband.
You’d be forgiven for thinking that helium has little use. Companies using Helium’s IoT technology service include Abeeway, Agulus and Airly. The network is witnessing growth and now connects around 1,000k hotspots. In September, Helium announced a migration to Solana to grow its ecosystem. Subsequently more than 6,000 members voted in favour. The goal of moving to Solana was driven solely by the need to reduce reliance on its network.
While the price of Helium Token may have boosted earnings from recent changes, the price is inconclusive. Trading at just $2.0, HNT remains in a clear downtrend. The cryptocurrency has lost 96% in value since its all-time high of $57 in November 2021. The cryptocurrency faces resistance at the 50-day MA.
Helium Token Rejected at 50-day MA
Helium outlook shows that the price is coming under pressure as it touched the 50-day MA. From the volume indicators, the price spike occurred at $1.6, indicating that buyers were very active. The cryptocurrency traded at a lower price with an intraday gain of 1,500% in volume.
What next for HNT?
Despite intraday profit, hnt price There is a lack of a clear path to recovery as the trend is still bearish. Take profits can be a bull trap, especially after getting rejected on the moving averages.
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