The Helium price has jumped to an all-time high as demand for the HNT token has surged. The coin jumped to $23.7, which was the highest it has been on record. It is trading at $22.08, which is more than 3,100% above the lowest level on record. It has a market capitalization of more than $2 billion, making it one of the biggest cryptocurrencies in the world.
What is Helium and HNT?
Helium is a blockchain project that targets the $800 billion dollar Internet of Things (IoT) industry. Already, there are more than 8.4 billion devices and spending has surged to more than $1.4 trillion.
The Helium blockchain aims to decentralize the industry by creating a wireless network that enables people to access the internet without making substantial investments. It achieves this by creating a two-sided marketplace between service providers and consumers. This marketplace is run through a consensus mechanism known as the proof-of-coverage. The service providers submit the the proofs to the Helium network.
In addition to the proof-of-coverage, the other key parts of the network are Helium Network, Helium Consensus Protocol, WHIP, proof-of-location, and the decentralized wireless network.
On the other hand, the HNT is the native token for the ecosystem. The token is mined and distributed to hotspot owners, Helium,and investors. So, what next for the HNT prices?
Helium price prediction
The daily chart shows that the HNT price rose to a high of $21.08 on April 7th this year. It then declined during the recent crypto meltdown and found a strong support at $8.3522. In the subsequent months, the coin struggled to move below this level of support.
This week, the HNT price jumped and tested the key resistance at $21.08. Along the way, the coin formed what looks like it has formed a cup and handle pattern. It has also moved above the 25-day and 50-day exponential moving averages (EMA). The MACD has also been on an upward trend though it remains below its all-time high of 2.8.
Therefore, the Helium price will likely maintain its bullish trend as bulls target the next key resistance level at $30. On the flip side, a drop below $15 will invalidate this view.