The Helium The token has risen more than 70% in the last two weeks from $3 to $5.3. The bullish breakout from the falling wedge looked crystal clear on the daily chart.
At the time of writing, HNT’s market cap has increased by 4.58% over the past 24 hours. Despite this, 24-hour volume has decreased by 13.46%.
Accordingly, the market capitalization HNTreached $852.38 million, which placed it at 80th place in the world’s top 100 cryptocurrencies. Its 24-hour trading volume reached $17.125 million.
Liquidity, calculated based on the 24-hour activity of the asset by its market value and 24-hour volume, was very low at 2.01%. Thus, low ratios are less liquid and likely reflect uncertain market conditions.
Despite this, according to the Cryptocurrency Fear and Greed Index, market sentiment reached a value of 69 (Greed). This bullish sentiment showed that the probability of HNT price rising to higher levels seems higher.
Based Helium (HNT) Tokenomics from CoinMarketCap, its circulation has reached a total supply of 160.875 million, giving a total FDV based on the price at the time of writing of $850.24 million.
The CoinCarp The website’s rich list showed that HNT holder data showed that the top 100 holders held 47.46% of the supply. The top holders held 3.47% of the supply at press time. The total number of holders was 461,551.
Helium (HNT) Project Basics and Other Factors
Helium has a strong community of over 300,000 followers across various social channels. According to the Messari website, at the time of publication, the number of Twitter followers was 210.40 thousand, the number of Reddit subscribers was 107.55 thousand, and the number of Telegram users was 22.21 thousand.
The decentralized wireless platform has built a strong social community and online presence, earning a rating of 9.50 out of 10. At the time of publication, it also had a good Twitter rating of 209 out of 1000. It has followers like @sambankman, @alexisOhanion, @ChrisDixon, and many more.
Moreover, Helium (HNT) has 9 reliable backers, and the leading ones are Union Square Ventures, Tiger Global Management, a16z and several more. The security assessment performed by CertiK Skynet showed that HNT has a security level of “bbb” with an impressive score of 75.53.
After evaluating Helium (HNT) based on sponsor quality, security measures, and value creation, it received a score of 7.40 out of 10. Its performance metrics were 8.08 out of 10, and its financial health was 7.03 out of 10.
Monitoring of HNT derivatives data analysis
Behind CoinGlassHNT derivatives data analysis showed that its open interest (OI) showed a 6.07% increase, amounting to $4.47 million within 24 hours. After the OI, derivatives volume also increased by 85.45%, amounting to $7.14 million.
Additionally, the 24-hour long to short ratio was 1.0912, indicating that there are more short positions than long positions in the cryptocurrency.
Shorts amounted to $23.13 thousand, while longs amounted to $51.77. Overall, the analysis of HNT derivatives data showed the possibility of continuation of the bullish momentum at the time of writing.
Decoding, the price of helium (HNT) on the daily chart!
The HNT demonstrated a bullish bias on the daily chart, forming consistent green candles for several days.
Around Q1 2024, the price saw a gain of over 700%, peaking at $11,160 on February 15, 2024, from a major support of $1,429. Due to volatility, HNT There was consistent profit taking for almost 146 days since mid-February, resulting in a falling wedge formation.
The price broke out of a broader bullish sentiment in July of this month. This breakout resulted in a strong price increase in a short period of time on the daily chart.
Indicators: EMA bands were broken (50-day and 200-day), MACD histogram is up at 0.199. RSI has reached overbought conditions which could be a cause for concern (DYOR).
Support levels for HNT The prices are $3.0 and $4.25, followed by resistance levels of $6.90 and $8.0 respectively.
Helium (HNT) has surged 70% in two weeks, breaking out of a falling wedge. Market sentiment was bullish at press time, but low liquidity was a concern. It had strong fundamentals with a large community and solid support. Derivatives data suggested continued bullish momentum.
