Helium Price Prediction: It Could Get Worse For Now
The Helium price has maintained a bullish momentum as demand for the network has jumped. The HNT price is trading at $42.86, which is about 160% above the lowest level in October. It is a few points below its all-time high of $57. According to CoinMarketCap, it has a total market capitalization of more than $4.4 billion, making it the 45th biggest coin in the world.
What is Helium?
Helium is a blockchain project that is backed by some of the best-known venture capitalists in Silicon Valley. Some of its backers include Khosla Ventures, Marc Benioff, Munich Re, USV, FirstMark, and SV Angel among others. It has raised more than $164 million from these investors.
Helium is in the Internet of Things (IoT) industry, where it helps to decentralize broadband services. Using blockchain, the network has created more than 164k hotspots mostly in the United States. The number has been rising. In the past 30 days, the number of hotspots has increased by more than 68,000.
The Helium price has surged recently as the number of companies embracing the network has surged. The most recent company to join the network is Dish Networks. This is a major company that is valued at more than $15 billion. Other companies that use Helium are Mylar, Bobcat, and Argon, among others.
At the same time, demand for the HNT coin has been rising. For example, the total HNT that is currently staked is worth more than $1.1 billion. At the same time, the total number of data credits used in the past 30 days is valued at more than $4 billion. There are more than 2,770 validators for the network.
Helium price prediction
The four-hour chart shows that the Helium price has been in a strong bullish trend in the past few days. The rally accelerated when the coin moved above the key resistance at $22.95, which was the highest level in October. The coin remains above the 25-day and 50-day moving averages. At the same time, the Relative Strength Index (RSI) has moved from the overbought level of 87 to the current 64.
Therefore, I suspect that the HNT price will keep falling as bears target the next key support at $35. It will then resume the bullish trend and retest its all-time high.