Bitcoin Price Surge and Market Analysis
Helium, a blockchain-based network for IoT, saw a 12% price surge on August 13, positioning it as one of the top gainers in the crypto market. At that time, Helium (HNT) was trading at $6.79, with a daily trading volume increase of 56%, reaching $25.2 million. Despite the recent surge, HNT is still down 88% from its all-time high in November 2021.
Partnerships and Network Development
Established in 2013, Helium Inc. has created a decentralized blockchain network supporting wireless communication for IoT devices. Recent partnerships with major U.S. carriers are leading to trials where mobile traffic is offloaded to the Helium Network, potentially paving the way for a shift towards decentralized network infrastructure.
Technical Analysis and Price Forecast
Helium is currently trading at $6.7722, above the middle Bollinger Band of $5.3779, indicating a potential upward movement towards the upper band at $7.0302. Technical indicators like the Relative Strength Index (RSI) at 66.24 suggest bullish momentum, with analysts predicting a short-term price target of $8.3. Market sentiments remain optimistic about Helium’s future potential amidst a general uplift in the cryptocurrency market led by Bitcoin’s recent price surge.
