Helium Rockets Up 18% As Investors Weigh In New Developments – Details
18 August 2024 - 7:00PM
NEWSBTC
Investors flock to Helium (HNT) after it showed strength despite
the stagnating momentum of the market. According to CoinGecko, the
token is up more than 21%, going against the market’s flat
trajectory. This came after a cryptic post about Helium’s plans
that might indicate a better future for the platform and its
users. Related Reading: Polkadot (DOT) Investor Confidence
Falls As Token Loses 16% With this in mind, HNT continues to be an
attractive investment for both users of the platform and those who
are chasing gains in the long term. But with the market’s
stagnating momentum, investors and traders should exercise caution
as any swing by the broader market might lead to a downturn.
Cryptic Message Boosts Investor Interest On HNT Abhay
recently posted a mysterious message that’s hinting at a possible
network upgrade soon. This sent the community spiraling into
speculation, with Abhay stating that it would be a busy month for
the network. The hype this post generated is substantial as
community members await an official announcement for the speculated
upgrade that might happen soon. 1.0 – launch a wireless
network 2.0 – scale two networks 3.0 – scale all networks stay
tuned, @helium pic.twitter.com/2aNUG8IyDe — abhay 🎈 (@abhay) August
16, 2024 Mobile Carrier Beta Passed, Expands Network Reach
HIP 129 was passed three days back, allowing all Mobile hotspots to
participate in the Carrier Beta. This expands the reach of the
Carrier Beta which will affect the performance of the network in
the long term. With almost the entire mainland United States
having Helium network coverage, the community will observe a jump
in the number of users trying to offload Carrier beta. As of press
time, over 58,000 users have joined since last week, a net gain of
5,122. Data usage has also experienced an uptick with an
additional 1.5 terabytes of data flowing through the
platform. Investors Win With New Opportunities For Helium The
token is currently resting above the $7.2 support with the bulls
approaching the $8 ceiling confidently. With a strong bullish
sentiment backing its trajectory, HNT is set to break through this
ceiling in the coming hours or days. Thanks to Helium’s on-chain
developments, investors’ confidence is at its highest as they
continue to accumulate the token. Related Reading: Cosmos
Price Analysis: Why This Analyst Says ATOM Has ‘A Great Chart’
However, the relative strength index (RSI) suggests that the
momentum will slow down. But this may occur well after a
breakthrough on the $8 ceiling. If this occurs, investors and
traders have a shot at $9 in the long term. Putting the
market’s general sentiment into consideration, HNT might experience
a slight pullback, possibly returning to the $7-$8 price range
before a strong upward push towards $9. This represents a nearly
22% increase in price. Investors and traders, however, should
be mindful of the market as any swing of the broader market might
influence the token’s trajectory in more ways than one.
Featured image from Live Science, chart from TradingView
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