In this ongoing bearish market trend, Helium (HNT) is making waves due to its impressive price surge over the last 24 hours. The top DePIN token, HNT has soared more than 10% and outperforms major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
HNT’s Rising Open Interest
Following the price surge, HNT has also broken out a strong resistance level of $8.1 and is now heading toward the $10 level. Due to its impressive performance, HNT’s open interest has skyrocketed by 27% in the last 24 hours, indicating growth interest from investors and traders amid the market downturn.
Helium (HNT) Technical Analysis and Upcoming Level
According to the expert technical analysis, HNT is bullish and in an uptrend, as it is trading above the 200 Exponential Moving Average (EMA) on a daily time frame. Additionally, it has recently broken out of a strong resistance level of $8.10 and a price consolidation zone between $6.5 and $8, which it had been experiencing for three weeks.
With this recent breakout and rising open interest, there is a high possibility that the HNT price could soar by 30% to the $11.03 level. However, its Relative Strength Index is in the overbought zone, indicating a potential pullback.
Why Helium (HNT) Price is Increasing?
The reason behind Helium’s (HNT) impressive price surge is the rapid growth in subscribers and hotspots, along with increasing network usage. According to the data, Helium Mobile has experienced explosive growth of 300X in a single year.
Meanwhile, the number of hotspots worldwide has surged from 11 to 18,355 in the same period, highlighting the strong demand for decentralized telecommunication solutions. Despite the massive expansion of the Helium Network in key regions like the U.S. and Western Europe, its presence is also rapidly growing in Latin America and Asia.
At press time, Helium (HNT) is trading near the $8.47 level and has experienced a price surge of over 10% in the last 24 hours. Meanwhile, its trading volume has also skyrocketed by 100% during the same period, indicating higher participation from investors’ potential due to its explosive growth.
Credit: Source link
