The Helium network aims to create broad wireless coverage for IoT devices by having lots of people install hotspots in their homes. And as more hotspots are installed, the network will continue to spread. Thus the popularity and use case for the Helium token (HNT).
Despite showing decent upward momentum in recent weeks, Helium (HNT) has started to lose steam. Although the coin is still on the green, the uptrend is now teetering and could all-together come to a halt. Technical indicators suggest a short-term decline. More details to follow but first, some highlights:
- Despite losing some of its upward momentum, Helium (HNT) is still about 7% up over the last 7 days.
- At the time of writing, the coin had taken a 7% plunge in intraday trading, selling for around $37.92.
- Helium (HNT) is also now below its 200-day Simple Moving Average, showing a bearish trend.
Data source: Tradingview.com
Helium (HNT) – Price prediction and analysis
Most coins in the broader crypto market have benefited from the Santa rally we saw on Christmas. But it seems Helium (HNT) won’t be holding this momentum for long. After surging past the $41 mark, the coin has reversed some of those gains, pushing below its $40.92 support line.
The price could continue well into $35. We expect Helium (HNT) to try and consolidate around that price. However, if we slip below $35, then a bearish downtrend could be on the cards.
Besides, Helium (HNT) is also trading below its crucial 200-day Simple Moving Average. One big upside is the RSI. In the last seven days, it has shifted from overbought to neutral. This could suggest that there is still buying strength coming in.
Should you buy Helium (HNT)?
It depends on your investment goals. In case you are a short-term speculative trader, perhaps this is not the right time to buy Helium (HNT). It could be heading to a downtrend, and you don’t want to enter the trade now. But for long-term investors, wait some days for a decent dip in the price and buy it. There is still so much long-term value to be unlocked with Helium (HNT).