Is Helium Price Going to Zero? HNT Drops 6% as Novel New Mining Protocol Secures $7.2 Million in Funding
The Helium price has fallen by as much as 6% in the past 24 hours, slipping to $6.82 on a day when Bitcoin ETF hopes have caused the market to rally by the same percentage.
HNT is now down by 4.5% in a week and by 21% in a fortnight, yet the altcoin has gained by an impressive 140% in the last 30 days, while also surging by 330% in the past year.
However, today’s dip has raised fears that HNT’s recent momentum may be about to wane, with the coin potentially on course for a correction.
Some traders may therefore prefer to look towards alts that look like they’re on the up, with Bitcoin Minetrix (BTCMTX) now having raised $7.2 million in its increasingly popular presale.
Helium’s chart suggests that the coin could fall further before returning to growth, with its indicators looking as though they’re about to fall back from previously overbought positions.
For instance, HNT’s relative strength index (purple) is slipping below 60, after spending a couple of weeks in December higher than 70.
This signals a loss of buying pressure and momentum, while the coin’s price is starting to fall back down towards its 30-day average (yellow), which is also a potential sign of a bearish reversal.
Despite these negative moves, it’s reassuring to note that HNT’s support level (green) has risen strongly in recent weeks, so it’s entirely arguable that any forthcoming dips will be mild.
The question is, with the coin’s trading volume at only $12 million (compared to $60 million in the middle of December), it’s not certain how long it will before it returns to strong growth.
Nonetheless, HNT’s fundamentals remain very sound, with the Helium Network continuing to expand and grow as a decentralized Internet-of-Things/mobile network.
helium mobile
Read more on cryptonews.com
