The Helium price was not spared in the ongoing cryptocurrencies route. The HNT token price tumbled to a multi-week low of $17.45, which was the lowest level since August 17. This brought its total market cap to more than $1.8 billion, making it the 64th biggest cryptocurrency in the world.
What is HNT?
HNT is the native coin for the Helium network. For starters, Helium is a blockchain project that describes itself as The people’s network. The network is disrupting the wireless technology. It does that by allowing people to create their hotspots and earn HNTs in return.
They can then convert these HNTs into fiat currencies like the US dollar or stake then and earn interest. Today, there are more than 162,388 hotspots globally. Some of the companies using Helium are Abeeway, Agulus, Infisense, and Lime.
After rising to an all-time high this week, the HNT price declined by sharply on Tuesday as the cryptocurrency sell-off accelerated. Therefore, this decline is not because of any news affecting the network. So, what next for the token?
Helium price prediction
The HNT price surged to an all-time high of $26.43 this week. Still, a closer look at the chart shows that the upward momentum was already losing momentum before the current decline.
On the daily chart, the coin has already moved below the key support level at $21.08, which was the previous all-time high. It has already moved below the 25-day moving average and formed what looks like a double-top pattern.
Therefore, in my view, the coin will likely maintain the bearish trend in the near term. This will see it drop to the key support at $13.94. It will then rebound and move above its all-time high. You can read my previous Helium price forecast here.