The Helium (HNT) token suffered a significant drop, falling to $6.50, indicating a local correction. This occurred amid profit-taking and worsening sentiment in the crypto industry.
HNT is up by 126% from August low
Despite its pullback, HNT remains one of the top-performing cryptocurrencies since August 5, when most tokens retreated. It has surged by over 126% from its lowest point this month, pushing its market cap to over $1 billion. Helium’s retreat coincided with the crypto fear and greed index dropping from this month’s high of 57 to 43. If the decline continues, the index could move into the fear zone, below 40.
Helium has solid fundamentals
Helium has become one of the top-performing cryptocurrencies in recent months, bolstered by its ecosystem growth. The network is reportedly in talks with two major U.S. carriers, who are conducting tests to offload their traffic onto the MOBILE network. If successful, the carriers could save money and offer better coverage, while Helium would benefit from increased traffic and funds, which would flow to hotspot providers.
HNT formed a golden cross
Technicals suggest that the HNT token could resume its upside as it recently formed a golden cross pattern, with the 200-day and 50-day Exponential Moving Averages making a bullish crossover. In most cases, this pattern leads to further upside. For example, the last time HNT formed this cross in November 2023, the Helium token soared by over 370%. Helium has also formed a rounded bottom, another bullish pattern. A cross above this week’s high of $7.45 could signal more upside as buyers target the year-to-date high of $11.05, 70% above its August 15 level.
Despite the current drop, the Helium token continues to be one of the most promising cryptocurrencies due to its strong fundamental and technical indicators.
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