It was another dull week in the crypto market as the Cryptocurrency Fear and Greed Index fell to the 37 fear zone while Bitcoin remained in a consolidation phase. Bitcoin traded below $60,000 while Ethereum fell below $2,500. This article looks at Tron (TRX), VeChain (VET), and Helium (HNT).
Helium Price Forecast
Helium is a leading player in the Solana ecosystem. It is a decentralized public infrastructure (DePIN) platform focused on the communications industry.
Helium aims to use blockchain technology to help people access broadband internet at a relatively low cost. People from all over the world can share their internet in exchange for rewards, often in HNT.
The Helium token has become one of the most effective in the crypto industry after the developers announced a trial of carrier offloading with two major carriers in the US.
Carrier offload is a situation where a provider moves some data to another network when the network is significantly overloaded. A good example of this is when thousands of people attend a concert and use the Internet at the same time.
Helium token bottomed at $2.85 in June and bounced back to nearly $8. Along the way, the token formed a golden cross pattern as the 200-day and 50-day exponential moving averages (EMA) formed a bullish crossover. It has remained above the two EMAs ever since.
Helium also formed a rounded bottom chart pattern, which is often a bullish sign. However, oscillators such as the relative strength index (RSI) and MACD formed a bearish divergence pattern.
Thus, higher upside potential will be confirmed if Helium token rises above the key resistance point at $8.65, the highest point this month. A break above this point will indicate higher upside potential, and the next point to watch is $11.03, which is 42% higher than the current level.
HNT chart from TradingView
Tron Price Analysis
Tron has been in the spotlight in recent weeks after Justin Sun launched SunPump, his version of the Pump.fun ecosystem. Recent data shows that tokens in the ecosystem have performed well in the past few weeks.
The Sundog token has risen more than 58% in the last seven days, giving it a market cap of over $350 million. Tron Bull has risen more than 110%, while Muncat, Suncat, SunWukong, and Vikita have all soared more than 50% in the same period.
Together, these tokens have a market cap of over $608 million, while the Sunpump ecosystem has generated over $48 million in fees since its launch. Additionally, Tron has become the largest decentralized exchange (DEX) chain, handling over $531 million in volume in the last seven days.
On the daily chart, we see that Tron price peaked at $0.1690 in August and fell back to $0.15. It formed a breakout and retest pattern, re-touching the highest swing high in February this year.
Tron remained above the 50-day and 200-day moving averages, while the relative strength index pointed down to the neutral 50 mark. Thus, this retreat seems to be a breather, meaning that the coin may resume its bullish trend as bulls target the yearly high at $0.1690.
TRX chart from TradingView
VeChain Price Prediction
VeChain, once a very popular cryptocurrency, has become a fallen angel with a market cap of over $1.8 billion. At its peak, the token was valued at over $16 billion, making it a top 15 coin.
The data also shows that VeChain’s open interest in the futures market has continued to fall in recent months. It is now over $28 million, down from over $45 million earlier this year.
Open interest in futures is an important indicator that reflects the volume of unexecuted call and put orders in the market.
The daily chart shows that VeChain price peaked at $0.055 earlier this year and has now fallen more than 60% to the current $0.022. It remains below the 50-day and 200-day EMA.
On the positive side, the Relative Strength Index is trending higher and is approaching the neutral point of 50. Another notable point is that it has formed a triple bottom and a falling wedge chart patterns.
In price action analysis, these patterns are among the most bullish chart patterns in the market, so a strong breakout above the upper side of the downward trendline and the 50-day moving average is a positive sign.
If this happens, the next point of interest would be the 200-day moving average at $0.0285, which is about 30% above the current level.
An alternative scenario is that VeChain slips and retests the lower side of the wedge pattern.
VET chart from TradingView
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