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Helium Tokens Gained 36% Before Correcting Thursday
Helium powers IoT devices through its ‘hotspots’
Cryptocurrencies continue to be in a clear downtrend
some Cryptocurrency A low-cap coin was among the top risers but embarked on a bailout rally on Thursday. Helium (HNT/USD), the 91st-ranked cryptocurrency by market capitalization, surged 36% before losing almost half of its gains by Friday. In a very bearish crypto market, small-cap tokens caught the attention of investors. what is that?
Helium is a blockchain-powered network created in July 2019. Made to power Internet of Things devices. For example, it allows wireless devices to communicate and share data through its nodes or “hotspots.” The network also allows users to earn money by sharing broadband.
You’d be forgiven for thinking that helium is underutilized. Companies using Helium’s IoT technology services include Abeeway, Aglus, and Airly. The network continues to grow and now connects to nearly 1,000,000 hotspots. In September, Helium announced a move to Solana to expand its ecosystem. That was after more than 6,000 members voted yes. The goal of migrating to Solana was inspired by the need to be completely network independent.
The Helium token price may have increased due to recent changes, but the price is not convincing. HNT, trading at just $2.0, remains in a clear downtrend. The cryptocurrency has lost 96% of its value from its all-time high of $57 in November 2021. Cryptocurrencies are facing resistance at the 50-day moving average.
The outlook for helium shows pressure as the price hits the 50-day moving average. From the volume indicator, a price spike occurred at $1.6. This shows that buyers are very active. The cryptocurrency traded with a 1,500% volume jump during the day at the trough.
Despite intraday gains, HNT Price The trend remains bearish with no clear path to recovery. Profits can bull trap, especially after being rejected by the moving averages.
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