Helium sees 12% surge amid partnership trials with major US carriers

Helium, a blockchain-based network designed for the Internet of Things, has emerged as one of the leading gainers in the cryptocurrency market, experiencing a 12 percent price increase on the morning of August 13.

At the time of writing, Helium (HNT) was changing hands at $6.79 per coin, according to data from crypto.news. The crypto asset’s daily trading volume has increased by 56% to hover around $25.2 million, while its market cap stands at $1.14 billion, placing it at number 65 among the largest cryptocurrencies.

HNT 24-hour price chart – August 13 | Source: crypto.news

The token’s price has risen 20 percent since it hit $5.66 yesterday after Bitcoin lost 4 percent of its value and the global cryptocurrency market plunged with liquidations of over $156.4 million.

Despite recovering to levels seen on March 21, HNT is still 88% off its all-time high of $55.2 recorded in November 2021.

Founded in 2013, Helium Inc. has developed a global decentralized blockchain network that supports wireless communication for IoT devices. The network allows individuals to set up network hotspots, providing a scalable and cost-effective alternative to traditional telecom services.

The latest increase follows Helium’s partnerships with two major US carriers, which are running trials to offload their mobile traffic to the Helium Network, potentially leading to a shift toward a more decentralized network infrastructure.

Helium is currently trading at $6.7722, specifically above the middle Bollinger Band of $5.3779. This places it near the upper band of $7.0302 and suggests a significant upward move within the trading range.

HNT Bollinger Band and RSI – August 13 | Source: crypto.news

Approaching the upper boundary indicates possible signs of an overbought situation, but proximity to this band also indicates strong bullish momentum. This pattern could indicate there is more room for price gains before encountering any significant resistance or a possible pullback.

Additionally, the Relative Strength Index, which is at 66.24, is approaching the overbought threshold of 70, indicating that a pullback may be imminent as market conditions become more difficult.

Despite this, market analysts remain optimistic about Helium’s future potential.

In an August 13 post by X, an analyst using the pseudonym Decilizer noted that Helium had broken out of its secondary setup, indicating a strong uptrend, which could potentially lead to a jump in HNT to $8.3 in the short term.

The increase in Helum’s price may also be influenced by the general rise in the cryptocurrency market, with Bitcoin (BTC) increasing by 6.5% in the last week.

On August 13, Bitcoin was traded at $59,456, and its price rose from $58,015 to $60,499 in 24 hours. Moreover, the total market value of cryptocurrencies increased by 1.9% in the last day, reaching $2.19 trillion.