Helium (HNT) is continuing its upward trajectory despite the market dip. According to CoinGecko, the token is up nearly 15% since yesterday, sparked by the recent on-chain developments that will expand on Helium’s decentralized physical infrastructure (DePIN).

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Recently, Helium’s official X account announced the voting period for two crucial proposals for Helium Mobile. Aptly named HIP 130 and 131, these two proposals have sparked speculation for HNT’s near-future performance.

Helium Proposes New Security Measure Against Malicious Activity

HIP 130, titled ‘Data-Only Hotspots’, proposes that the network should expand its reach by using any hotspot that uses passpoint authentication. These devices may come from non-certified Helium Hotspot vendors. 

These new hotspots will act almost exactly as their Helium-made counterparts, except that they will be used to pass already paid-for data. Users of this new type of hotspot will be rewarded with MOBILE, one of the tokens inside the Helium ecosystem. 

In addition to this, HIP 131, named ‘Bridging the Gap Between Verification Mappers and Anti-Gaming Measures’, will implement a new system to protect the reward system of the network. The proposal is an “extension” of HIP 125 (Temporary Anti-Gaming Measures for Boosted Hexes) and amends the latter to better protect the network.

The new system works by limiting the Oracle Hex boosts in points of interests (PoIs), reducing the rewards multiplier if a hotspot engages in malicious activity. To regain the boost, that hotspot only needs to submit 1 accurate Call Detail Records (CDR). 

As of writing, both proposals are still under voting with only 11 hours left for the community to engage on.

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HNT To Stabilize Between $6.8 And $7.5

As of writing, the token is trading well between $6.8 and $7.5 with the momentum on the side of the bulls. The current trajectory is eyeing gains well above $8 in the long run. This significant increase in price is accompanied by a proportional increase in HNT’s momentum. However, there might be barriers for the budding rally.

HNT’s position, although great in itself, is barred by the dip in the market that further hinders any increase in momentum. Helium can move by itself– only by a short while. How short this timeframe may be is up to speculation as it can dip next week or next month.

For now, investors and traders could buy in a small position in HNT while monitoring the broader market sentiment which today, unfortunately, is bearish. Once the situation improves, we will see a rally, breaking through $8 or potentially $10 in the long-term. Until then, caution is the name of the game to protect long-term gains.

Featured image from Fortune, chart from TradingView

Investors flock to Helium (HNT) after it showed strength despite the stagnating momentum of the market. According to CoinGecko, the token is up more than 21%, going against the market’s flat trajectory. This came after a cryptic post about Helium’s plans that might indicate a better future for the platform and its users. 

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With this in mind, HNT continues to be an attractive investment for both users of the platform and those who are chasing gains in the long term. But with the market’s stagnating momentum, investors and traders should exercise caution as any swing by the broader market might lead to a downturn. 

Cryptic Message Boosts Investor Interest On HNT 

Abhay recently posted a mysterious message that’s hinting at a possible network upgrade soon. This sent the community spiraling into speculation, with Abhay stating that it would be a busy month for the network. 

The hype this post generated is substantial as community members await an official announcement for the speculated upgrade that might happen soon. 

1.0 – launch a wireless network
2.0 – scale two networks
3.0 – scale all networks

stay tuned, @helium pic.twitter.com/2aNUG8IyDe

— abhay 🎈 (@abhay) August 16, 2024

Mobile Carrier Beta Passed, Expands Network Reach 

HIP 129 was passed three days back, allowing all Mobile hotspots to participate in the Carrier Beta. This expands the reach of the Carrier Beta which will affect the performance of the network in the long term. 

With almost the entire mainland United States having Helium network coverage, the community will observe a jump in the number of users trying to offload Carrier beta. As of press time, over 58,000 users have joined since last week, a net gain of 5,122. 

Data usage has also experienced an uptick with an additional 1.5 terabytes of data flowing through the platform. 

Investors Win With New Opportunities For Helium

The token is currently resting above the $7.2 support with the bulls approaching the $8 ceiling confidently. With a strong bullish sentiment backing its trajectory, HNT is set to break through this ceiling in the coming hours or days. Thanks to Helium’s on-chain developments, investors’ confidence is at its highest as they continue to accumulate the token. 

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However, the relative strength index (RSI) suggests that the momentum will slow down. But this may occur well after a breakthrough on the $8 ceiling. If this occurs, investors and traders have a shot at $9 in the long term. 

Putting the market’s general sentiment into consideration, HNT might experience a slight pullback, possibly returning to the $7-$8 price range before a strong upward push towards $9. This represents a nearly 22% increase in price. 

Investors and traders, however, should be mindful of the market as any swing of the broader market might influence the token’s trajectory in more ways than one. 

Featured image from Live Science, chart from TradingView

Helium (HNT) has gained 158.15% since the beginning of July, showing a strong upward trend. The key question now is whether HNT will continue its climb or if there will be a pullback on the horizon. 

While Helium’s (HNT) bullish run has been exciting, it may soon turn into a disappointment for investors. The lack of consolidation or pullback during this rally raises concerns that one might be on the horizon. Here’s why a pullback could be imminent.

Moving Average Convergence Divergence

Examining the daily Moving Average Convergence Divergence (MACD), we notice the histogram shifting from dark green to light green, indicating a weakening bullish momentum. The MACD lines are also beginning to converge, suggesting that the current uptrend may be losing steam. A potential bearish crossover could signal a reversal in trend.

RSI and Stochastic RSI

Both the Relative Strength Index (RSI) and Stochastic RSI are in overvalued territory, with readings above 60. Historically, when RSI and Stochastic RSI have reached 60+ levels, they tend to retreat significantly, often accompanied by a sharp price decline.

Support and resistance levels

The current price action shows strong resistance levels at $8.5 and $10. These levels have proven difficult to surpass or acted as strong support levels in the past. Meanwhile, the $7 level serves as a weak area. Currently, it has acted as resistance, but its role could change if HNT breaks above it. If the price fails to break through $7, a more pronounced downtrend is likely to begin.

Fibonacci confluence levels

By applying Fibonacci retracement levels from three different time frames—the initial day of trading to the recent high, the low of June to the recent high, and the high of March to the low of June—we identify multiple confluence levels. These confluence levels are clustered around $6 and $4.7.

The area between $4.7 and $6 forms what we refer to as a “box of opportunity.” This range presents a potential target zone for a short position, with the expectation that HNT could retrace this area if the downtrend continues.

Historical support lies at $3, but a drop to this level seems unlikely unless significant negative events occur in the broader market, similar to what happened with Japan’s surprise rate hike and Jump Trading’s selling spree in late July and early August.

Strategic Considerations 

Before initiating a short position, it’s important to confirm the downtrend. Although the trend has recently shifted, there’s always the possibility of a bear trap. To minimize risk, we recommend waiting for HNT to fall below $6.3958, which is the 23.6% Fibonacci retracement from the June low to the August high. Once HNT breaks below this level, and it acts as resistance, the shorting opportunity becomes much safer.

Another factor to consider is the Visible Range Volume Profile, which shows a weak volume area between $5.5 and $6.5. Prices tend to move quickly through such low-volume zones, further supporting the likelihood of a downward move. However, currently, HNT is within a high-volume zone, which could potentially serve as a consolidation area.