Why is HNT Price Up By 30%?

Helium (HNT) has surged impressively by 29.84% within the last 24 hours, now trading at $6.37. This remarkable uptick coincides with pivotal alterations announced by the protocol, creating a buzz in the market.

Launched in July 2019, Helium’s decentralized blockchain network for Internet of Things (IoT) devices facilitates seamless communication among low-powered wireless devices. Recent significant changes to the network have contributed to the surge in HNT’s market performance.

Technical Analysis by altFINS

altFINS, a prominent name in crypto technical analysis, provides insights into Helium’s near-term outlook and trading patterns.

Source: altFINS – Start using it today

  • Near Term Outlook: Neutral
  • Pattern Type: Support Breakout
  • Pattern Stage: Breakout
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After an impressive run (6x in 2 months), HNT’s price approached the $10 resistance, triggering profit-taking and selling pressure. The asset has broken below the $6.00 horizontal support zone and could potentially revisit $4.20. altFINS recommends waiting for the price to find support before considering re-entry on the uptrend, advising traders to set a price alert.

  • Trend: Neutral in the Short-Term; Uptrend in the Medium- and Long-Term
  • Momentum: Bearish (MACD Line below MACD Signal Line, RSI below 45)
  • Nearest Support Zone: $6.00 (broken), then $4.20
  • Nearest Resistance Zone: $8.00, then $10.00

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency