Helium (HNT) Holds Gains Undermining Market Downtrend

Helium (HNT), an cryptocurrency project that is focused on the Internet of Things in crypto, has enjoyed a recent surge despite adverse market conditions. According to CoinMarketCapThe HNT is up 8.42% in the past 7 days and trades at $4.90 as of press time.

Despite gains, it has been difficult for the token to exceed the $5 mark. Price movement is on a downtrend. It’s uncertain if this will continue or not. However, traders have good reasons to believe that the weekly price movement has been positive.

Similar Reading: Bitcoin price is sitting on a gun powder, will it explode?

Helium Holding On to Its End

The Helium price (HNT/USD), as of this writing, is at $4.90. It was significantly higher earlier in the morning on October 2, but it wasn’t that much. This is what makes the rate for this coin so remarkable.

This market behaves strangely. Friday’s HNT price of $5.11 and recent volatile trends indicate this. This is great news for cryptocurrency because there’s a lot more interest. 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.

Current charts show a double-top, which is a sign of a bearish reverse pattern. However, current prices are still within the range for support. We could experience further losses if the price falls below these levels. If the price holds above the resistance level, we could see some bullish movement. Source: HNTUSD price chart from TradingView.com

HNT’s price is currently trading at $4.85. | Source: HNTUSD price chart from TradingView.com

What is the Best Place to Get Helium From?

There’s no telling where this coin will go from here, but things are going well for now. HNT’s price is almost unchanged from the start of this month. However, that does not mean it has been relatively flat.

It’s actually the opposite. The coin has been subject to a lot of activity. HNT’s activity in recent weeks has led to both new lows as well as new highs. We expect Helium to continue experiencing a lot of activity as it seeks mainstream.

Those that took advantage of the recent downturn have reaped substantial profits from Friday’s upswing. They might be able to reap another benefit over the coming weeks, as evidenced by price changes between that time and now, on October 2, 2010. But there’s no way to tell for sure.

More On Helium’s IoT Offering

Helium is an IoT-focused blockchain technology. Helium hotspot is an internet router. Users can access more reliable and affordable internet connections through these nodes. While most crypto projects focus on non-fungible tokens and decentralized finance, a few are focused on IoT.

Similar Reading: Crypto Community predicts Polygon (MATIC), to rise nearly 20% by October 31

Thanks to the worldwide network of helium hotspots and its wireless network, Helium can allow long distance communication. Connectivity for all IoT devices is guaranteed by these hotspots, which serve as the network’s backbone. 

You may be able to get more visibility for your hotspot and receive financial incentives. Helium’s distributed ledger technology is made possible by these nodes allowing IoT devices to communicate with one another.

Featured image taken from Pixabay. Chart from TradingView.com

Get more Crypto News at CFX Magazine