29 Apr 2024 Arjun Agarwal
Helium (HNT) Price Skyrockets, Other Cryptos Follow SuitHelium (HNT) Price Skyrockets, Other Cryptos Follow Suit
Despite a downturn in the overall cryptocurrency market, Helium (HNT), a decentralized blockchain-powered network for Internet of Things (IoT) devices, has seen a notable price spike of over 20% in the last day. With a market capitalization of $906,121,619 and a current price of $5.59, the token is ranked #90 among cryptocurrencies by market cap.
Source: CoinGecko
The 24-hour trading volume for HNT has surged to $75,059,553, a whopping 258.85% rise. HNT has fluctuated between a low of $4.53 and a high of $5.66 in the last day, demonstrating the token's robust performance despite the market decline.
Helium is a decentralized blockchain-powered network that was introduced in July 2019 and allows low-powered wireless devices to send and receive data among its network of nodes. IoT devices may connect and communicate with each other easily because of the Helium mainnet, which builds a strong ecosystem for data transfer and communication.
An X user named Arman Dezfuli-Arjomandi credits Helium's latest price increase to its mobile upgrade, which has seen notable advancements and uptake.
For instance, since January 1, there have been 62,463 more users of the unlimited plan, resulting in a daily data burn of almost $3,000 from these users using Wi-Fi hotspots. Initial integration testing for data offloading with Google Orion and AT&T may also be a culprit for Helium's rise (223 million users).
Helium also launched several $20/month business group plans, and there will be future IRL events in several US cities. Furthermore, Hotspots and Pixel phones with $MOBILE in-app purchases are now available through the subscriber store.
Dezfuli-Arjomandi further points out that the $20 plan has been using mapping prizes to cover its costs in recent months, thereby giving most members free unlimited phone service.
Because of this special value offer and Helium's standing as one of the biggest providers of hosted Solana wallets, there are lots of chances to introduce non-crypto natives to Solana and give them an amazing first experience with cryptocurrencies.
Technical analysis
HNT/USDT has breached the diagonal trendline on the 4-hour period, according to trader TraderAAG, indicating a possible long opportunity for investors. With PWL $3.435 serving as the major support level and PML $5.89 serving as the major resistance level, TraderAAG suggests holding off on taking a long position until after a successful retest.
The project's durability and promise in the face of a wider market downturn are demonstrated by Helium's recent price increase, which was fueled by its mobile upgrade and growing acceptance. For the decentralized Internet of Things network, the future appears bright as Helium is growing its ecosystem and adding users who are not crypto experts as well as those who are.
Other tokens follow suit
Despite the slight overall dip in the crypto sector, a few cryptocurrencies held up well. Monero (XMR) was trading above this month's low of $105, at $125. In the same vein, Tron (TRX) increased to $0.1210, 15% above its April low. It had not been this high since April 12.
The main catalyst for these cryptocurrencies may be the actions of the Federal Reserve, which will start its meeting on Tuesday. It will then deliver its interest rate decision on Wednesday.
Since it is not anticipated that the bank would lower or raise interest rates, economists will be concentrating on the bank's tone and dot plot. A document that shows the bank's future course of action is called a dot plot.
The greatest events in the crypto business have already happened, thus this gathering takes place during a news blackout. Even if the Bitcoin price has halved, the Securities and Exchange Commission (SEC) has already approved 11 spot Bitcoin ETFs.
As a result, investor sentiment will determine how these coins' prices go in the future. In all of this, the Fed will play a critical role. For Bitcoin and other cryptocurrencies, it will be advantageous if there is an indication that the Fed will shortly reduce rates.
Still, given that inflation is still high, every indication points to the Fed adopting a hawkish stance. The core Personal Consumption Expenditure (PCE) increased to 2.8%, while the headline PCE increased to 2.6%, according to data released last week.
Meanwhile, consumer spending is increasing and the US economy is still doing well. The first quarter had a 1.6% growth in the GDP. Even though this was less than anticipated, it demonstrated how robust the economy remained.
Thus, it's possible that the Fed may hold interest rates stable for a while, at between 5.25% and 5.50%. A move of this kind is probably going to increase pressure on riskier assets, like stocks and cryptocurrencies.
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