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Helium (HNT) Holds Rise, Weakening Market Downtrend

Helium (HNT), a cryptocurrency project focused on the Internet of Things, has been on the rise recently despite market conditions.according to coin market capitalizationHNT is up 8.42% over the past seven days and is trading at $4.90 at the time of writing.

Despite the gains, the token proved difficult to rise above $5. The price movement is in a downtrend. Not sure if this will continue. But its weekly price action gives traders good reason to be hopeful.

Related reading: Bitcoin price sits on top of gunpowder, but will it explode?

How Helium Meets Its End

At the time of writing, Helium (HNT/USD) is priced at $4.90. This morning, October 2nd, it was much higher than that. What makes this rate so good for this coin?

The market is behaving strangely. His HNT price of $5.11 on Friday and the recent volatile trend show this. This is a very positive sign for this cryptocurrency as there is a lot of interest in it. The coin’s value and trading volume have increased since last week’s all-time high. So far, today’s trading volume stands at $19 million, down 9.52% from yesterday’s total of $21 million.

The chart is currently showing a double top indicating a bearish reversal pattern. However, the current price is still inside the support levels. If the price continues below these levels, we could see further losses. However, if the price breaks through the resistance level, we can expect bullish momentum.

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

Where does helium go from here?

I don’t know where this coin will go, but so far so good. HNT’s price may be about the same as it was at the beginning of the month, but that doesn’t mean the price is relatively flat.

Quite the opposite, as the coin is doing a lot of activity. This activity has pushed HNT to both new lows and new highs in the space of a few weeks. As he strives to become more mainstream, helium is expected to continue to see a lot of activity.

Businesses that have capitalized on the recent recession have made sizable profits from Friday’s rally. His price action from that time to today, Oct. 2, shows that they have a chance to profit again in the coming weeks. But there’s no way to tell for sure.

Learn more about Helium’s IoT products

Helium is a blockchain-based technology focused on IoT. I have an internet router called Helium Hotspot. These nodes provide users with broader Internet connectivity at a more affordable price. Most cryptocurrency initiatives focus on decentralized finance and non-fungible tokens, but only a handful focus on IoT.

Related reading: Crypto community predicts Polygon (MATIC) to rise nearly 20% by October 31st

Helium enables long-distance communication thanks to worldwide wireless networks and Helium hotspots. Connectivity for all IoT devices is ensured by these hotspots that act as the backbone of the network.

If you own a hotspot, you can benefit from increased awareness and financial incentives.Helium’s distributed ledger technology is made possible by these nodes that allow IoT devices to communicate with each other. Become.

Featured image from Pixabay and chart from TradingView.com

Helium (HNT) Holds Rise, Weakening Market Downtrend

Source link Helium (HNT) Holds Rise, Weakening Market Downtrend

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